NEW YORK, July 15 (Reuters) - U.S. copper futures rallied
to a one-month high above $2.40 per lb on Wednesday as solid
corporate earnings and upbeat economic data boosted hopes that
the economy may be starting to recover.
For detailed report on global copper markets, click on
[MET/L]
* Copper for September delivery <HGU9> jumped 9.30 cents,
or 4 percent, to settle at $2.3920 a lb on the New York
Mercantile Exchange's COMEX division.
* Range from $2.2955 to $2.4055 -- highest since June 12.
* COMEX estimated futures volume at 24,036 lots by 1 p.m.
EDT (1700 GMT). Final volume on Tuesday was 27,246 lots.
* Open interest up 3,741 lots at 106,268 contracts as of
July 14.
* Copper up on dollar weakness <.DXY> after solid quarterly
results and outlook from Intel Corp <INTC.O> and a batch of
upbeat economic data reinforce economic recovery hopes -
analysts.
* Copper gains accelerated after data showed the slumping
factory sector in New York nearly pulled out of contraction in
July. [ID:nN15329863]
* Slower-than-expected rate of contraction in U.S.
industrial output seen adding to the improved economic
sentiment. [ID:nN15329440]
* "Copper benefiting from the better-than-expected
manufacturing and industrial production. Both of those indices
fell less than expected and showed some signs of stability, so
there are some rays of (economic) hope at this point." - Rob
Kurzatkowski futures analyst with OptionsXpress in Chicago.
* Copper gains buck sharp increase in London Metal Exchange
warehouse stocks.
* LME inventories up 4,200 tonnes at 261,100 tonnes
<LME/STX1> on Wednesday.
* COMEX copper stocks <CMWSU> down 123 short tons at 59,251
short tons as of Tuesday.
* Global copper market in a surplus of 90,000 tonnes in the
January-to-May period, compared with a deficit of 170,000
tonnes in the same period in 2008 - the World Bureau of Metal
Statistics. [ID:nL711666]
* LME copper for three-months delivery <MCU3> closed up
$218 at $5,263 a tonne.
* Copper prices to climb to an average $5,135 a tonne in
2010, driven by Chinese demand and growing optimism in the
economic recovery - Reuters poll. [ID:nSP489606]
(Reporting by Chris Kelly; Editing by Walter Bagley)
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Keywords: MARKETS COPPER/COMEX
