RTRS: Economic optimism lifts US copper to 13-month peak
NEW YORK, Oct 23 (Reuters) - U.S. copper futures vaulted to
a 13-month high on Friday after a string of upbeat data this
week signaled brighter global economic and demand prospects for
the industrial metal going ahead.
For detailed report on global copper markets, click on
[MET/L]
* Copper for December delivery HGZ9 rose 3.65 cents to
settle at $3.0345 a lb on the New York Mercantile Exchange's
COMEX division.
* Range from $2.9940 to $3.0620, the contract's loftiest
level since late September 2008.
* Breach of the double bottom neckline at $2.97 this week
suggests upside target of $3.30 - CitiFX Strategists.
* Resistance seen at $3.16, followed by $3.23, and the
channel top at $3.30 - CitiFX Strategists.
* COMEX estimated futures volume at 18,806 lots by 1 p.m.
(1700 GMT). Final volume on Thursday hit 25,481 lots.
* Open interest off 205 lots to 136,378 contracts open as
of Oct. 22.
* Economically-sensitive copper up after data showed U.S.
existing home sales in September spike to a two-year high
[ID:nN2390489] and new industrial orders in the Eurozone jump
more than expected on the month in August. [ID:nLN271815]
* China's stronger-than-expected 8.9 percent pace of
economic growth in the third quarter basis for the strength in
copper prices this week - Steve Platt, futures analyst with
Archer Financial Services in Chicago. [ID:nSP452724]
* Data showing an unexpected 4 percent decline in Shanghai
copper stocks providing further price support. [ID:nSP466191]
* Inventory data, coupled with stronger Chinese refined
copper output in September suggest demand might be better than
expected - analysts.
* Supply-side concerns add to weekly bullish momentum, with
an 11-day strike at BHP Billiton's (BHP.AX) Spence copper mine
in Chile adds to copper's bullish momentum and ongoing outage
at company's Olympic Dam mine in Australia highlighted.
[ID:nN2231898] [ID:nSYD244674]
* Workers at Chile's Andina copper mine demand a five
percent wage hike to owner Codelco. [ID:nN22346343]
* Copper's gains capped by gains in the dollar [USD/] and
large increase in London Metal Exchange warehouse stocks, up
3,000 tonnes to to 367,075 tonnes on Friday. [LME/STX1]
* COMEX copper warehouse stocks added 289 short tons on
Thursday, bringing total levels to 58,374 short tons.
* LME three-month copper MCU3 closed up $59 at $6,649 a
tonne.
(Reporting by Chris Kelly; Editing by David Gregorio)
