RTRS: US copper dips under early dollar-induced pressure
NEW YORK, Sept 17 (Reuters) - U.S. copper futures fell before steadying at slightly lower levels Thursday morning, under pressure from a steadier dollar and down even as latest labor, housing and manufacturing data provided further evidence of recovery.
For detailed report on global copper markets, click on [MET/L]
* Copper for December delivery HGZ9 dipped 1.20 cents to $2.9245 a lb by 10:30 a.m. EDT (1430 GMT) on the New York Mercantile Exchange's COMEX division.
* Range from $2.8870 to $2.9550.
* COMEX estimated copper volume at 7,919 lots by 9 a.m.
* Copper prices influenced by early fluctuations in the dollar versus a basket of currencies .DXY - traders.
* Copper's early losses buck upbeat data showing initial state jobless benefit claims down slightly in the latest week [ID:nN16145484] and U.S. housing starts and building permits in August up at their highest level since November. [ID:nN16145484]
* A separate report showed factory activity in the U.S. Mid-Atlantic region up in September at its highest level since June 2007. [ID:nN17362464]
* The global copper market was in a deficit of 153,000 tonnes in the January to July period, compared with a deficit of 100,000 tonnes in the same period in 2008 - World Bureau of Metal Statistics. [ID:nLH711238]
* London Metal Exchange (LME) warehouse stocks went up 1,150 tonnes to 324,375 tonnes on Thursday.
* Weekly Shanghai copper stocks expected to be flat to slightly lower when data is released on Friday. <0#SGH-STOCKS>
* COMEX copper warehouse stocks dipped 36 short tons to 52,938 short tons as of Wednesday. CMWSV
* Japan's August copper wire and cable shipments estimated at 50,100 tonnes, marking the 11th straight month of year-on-year declines. Fiscal year 2009/10 estimated at a 38-year low at 648,000 tonnes - data provided by the Japanese Electric Wire and Cable Makers' Association. [ID:nT374558]
* LME copper for three-months delivery MCU3 last traded at $6,407 a tonne, down a shade from Wednesday's kerb close at $6,415.
