RTRS: Dollar bounce saps US copper momentum, holds $3/lb
NEW YORK, Oct 22 (Reuters) - U.S. copper futures fell then
steadied at lower slightly lower levels early Thursday, as a
rebound in the dollar countered robust data from China and
lingering supply-side concerns, leaving prices hovering near
$3.00 a lb.
For detailed report on global copper markets, click on
[MET/L]
* Copper for December delivery HGZ9 down 2.90 cents at
$3.0070 a lb by 10:26 a.m. EDT (1426 GMT) on the New York
Mercantile Exchange's COMEX division.
* Range from $2.9770 to $3.0310.
* On Wednesday, the contract hit a 13-month peak at
$3.0575.
* COMEX estimated futures volume at 11,347 lots by 9 a.m.
* COMEX copper prices up over 7 percent on the week.
* Copper momentum slowed by dollar rebound from 14-month
low against the euro EUR= [USD/]
* Copper supported by robust economic data from China,
showing annual economic growth expand to 8.9 percent in the
third quarter. [ID:nSP452724]
* China's production of refined copper hit a fresh monthly
record 394,800 tonnes in September, up 8.2 percent from August
and more than 20 percent versus last year. [ID:nPEK175104]
* Labor stoppages, mechanical failures and deteriorating
ore grades seen impacting global supply, while economic
activity is beginning to push demand higher - Dahlman Rose.
* One such issue is declaration of a force majeure at BHP
Billiton's (BHP.AX) (BLT.L) Olympic Dam mine in Australia.
[ID:nSYD244674]
* Workers at Chile's Spence copper mine to resume wage
talks with owner BHP Billiton to solve a nine-day strike.
[ID:nN21509686]
* Workers at Chile's Andina copper mine demand a 5 percent
wage hike to owner Codelco. [ID:nN21517808]
* London Metal Exchange warehouse stocks up 1,525 tonnes to
364,075 tonnes on Thursday. [LME/STX1]
* COMEX copper warehouse stocks went up 394 short tons on
Wednesday, bringing total levels to 58,085 short tons.
* LME three-month copper MCU3 last traded at $6,595 a
tonne, compared with Wednesday's settlement at $6,590.