RTRS: US copper futures up on weak dollar, China imports
U.S. copper futures headed higher at the open on Wednesday, buoyed by a 14-month low in the dollar against the euro and surprisingly strong import data from China, the world's top copper consumer.
For detailed report on global copper markets, click on [MET/L]
* Copper for December delivery HGZ9 climbed 3.85 cents, or 1.4 percent, to $2.8330 a lb by 10:25 a.m. EDT (1425 GMT) on the New York Mercantile Exchange's COMEX division.
* Range from $2.8060 to $2.8590.
* Last week, December contract hit a three-week high at $2.9010.
* COMEX estimated futures volume at 8,252 lots by 9 a.m.
* Improved demand outlook drives early copper rally after stronger-than-expected 23 percent jump in Chinese imports of unwrought and semi-finished copper products in September. [ID:nSHA353204]
* Copper up with stronger equities after surprisingly strong Q3 earning results from Intel Corp (INTC.O: Quote, Profile, Research, Stock Buzz) and JPMorgan Chase & Co. (JPM.N: Quote, Profile, Research, Stock Buzz) bolster prospects for economic recovery.
* Better-than-expected September retail sales data adds to the upbeat sentiment. [ID:nN14236340]
* Strong Chinese demand, continued improvement in corporate earnings and economic data needed to crack psychological $3.00 a lb level - Matthew Zeman, head of trading with LaSalle Futures Group in Chicago.
* Copper further buoyed by currency-related buying after dollar slumps to 14-month low versus the euro EUR=, making dollar-denominated metal more attractive for non-U.S. investors. [USD/]
* On the supply side, early contract settlement at the world's largest copper mine, Escondida in Chile, seen possibly behind labor issues at other mines unable to match Escondida's pay rise and bonuses. [ID:nN13184885][ID:nN13178452]
* London Metal Exchange warehouse stocks jumped 5,275 tonnes to 353,225 tonnes on Wednesday. [LME/STX1]
* COMEX copper warehouse stocks went up 423 short tons on Tuesday, bringing total to 56,442 short tons.
* LME copper for three-month delivery MCU3 at $6,227 a tonne, up $87 from Tuesday's closing level.
