RTRS: US copper stumbles at open as demand worries weigh
NEW YORK, Sept 18 (Reuters) - U.S. copper futures lost more than 2 percent of their value at the open on Friday, weighed down by a rebound in the dollar and ongoing concerns about above-ground stock builds and uncertain demand prospects from China, the world's top copper consumer.
For detailed report on global copper markets, click on [MET/L]
* Copper for December delivery HGZ9 slipped 6.20 cents, or 2.14 percent, at $2.8340 a lb by 10:19 a.m. EDT (1419 GMT) on the New York Mercantile Exchange's COMEX division.
* Range from $2.8270 to $2.9125.
* COMEX estimated copper volume at 11,052 lots by 10 a.m.
* Copper weighed down by dollar-induced liquidation after the American currency rebounds from a one-year low against the euro EUR=, making commodities price in the dollar more expensive for non-U.S. investors - traders.
* Growing concern about slowing Chinese copper buying after weekly inventory data showed Shanghai stockpiles up again - Edward Meir, metals analyst with MF Global.
* Copper stocks monitored by the Shanghai Futures Exchange rose 7 percent to 104,248 tonnes from 97,396 tonnes one week earlier. [CU-STX-SGH]
* London Metal Exchange (LME) warehouse stocks jumped 3,325 tonnes to 327,700 tonnes on Friday.
* COMEX copper warehouse stocks added 161 short tons on Thursday, bring total levels to 53,099 short tons.
* Huludao Zinc (000751.SZ: Quote, Profile, Research, Stock Buzz), the second-biggest zinc smelter by capacity in China, to double its copper smelting capacity by late next year -- a move that could raise its demand for copper concentrate imports. [ID:nHKG116952]
* South Korea has issued a tender to buy 3,000 tonnes of copper cathode for shipping by Oct. 31, to the port of Incheon - state-run Public Procurement Service. [ID:nSEO137485]
* LME copper for three-months delivery MCU3 last traded at $6,235 a tonne, down $150 from Thursday's kerb close. (Reporting by Chris Kelly; Editing by Lisa Shumaker)
