RTRS: US copper futures rally to 3-week high on weak dlr
NEW YORK, Nov 16 (Reuters) - U.S. copper futures surged to
a three-week high Monday morning, with a weaker dollar,
supply-side concerns, and an improved global economic outlook
combining to drive prices up close to their yearly highs.
For detailed report on global copper markets, click on
[MET/L]
* Copper for December delivery HGZ9 jumped 8.90 cents, or
3 percent, to $3.0615 a lb by 9:55 a.m. EST (1455 GMT) on the
New York Mercantile Exchange's COMEX division.
* Range from $2.9725 to $3.0625, highest since Oct. 26.
* Copper emerging from prolonged sideways pattern. A
breakout above yearly high at $3.0690 to push prices into the
$3.18 area - Sterling Smith, an analyst for Country Hedging in
St. Paul, Minnesota.
* COMEX estimated futures volume at 17,529 lots by 9 a.m.
* Copper up on the weaker dollar, despite slowdown in New
York state manufacturing activity - Smith. [USD/]
[ID:nN15305681]
* Copper buoyed by faster-than-expected pace of U.S. retail
sales in October and unexpected jump in Japanese economic
growth in the third quarter. [ID:nN16507114] [ID:nT339912]
* Heavy snow in northern China and a big rise in annual
copper premiums for China, the world's largest metals consumer,
provided additional boost to copper prices. [ID:nPEK129447]
* Chile's Codelco, the world's top copper producer, has
raised term premiums for refined copper to China by $10 per
tonne to $85 per tonne for delivery in 2010. [ID:nPEK158133]
* London Metal Exchange warehouse stocks rose by 2,825
tonnes to 406,450 tonnes, their highest since late April.
* COMEX copper warehouses took in 1,321 short tons to total
70,675 short tons as of Friday. CMWSU
* Money managers were net long on 9,117 contracts of copper
futures for the week ended Nov. 9 - data from the Commodity
Futures Trading Commission. [ID:nN13482625]
* LME three-month copper MCU3 at $6,743 a tonne, up $223
from Friday's close.