US copper futures climb at open in technial trade

NEW YORK Oct 9 (Reuters) - U.S. copper futures climbed more than 3 percent at the open on Thursday, echoing a rebound in equity markets, as investors moved in to buy at lower levels following sharp losses in the complex, traders said.

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* Copper for December delivery HGZ8 was trading up 3.80 cents, or 1.6 percent, at $2.3930 a lb by 10:29 a.m. EDT (1429 GMT) on the New York Mercantile Exchange's COMEX division.

* The early range ran from $2.3250, its lowest level since February 2007, to a high of $2.4375.

* Spot October HGV8 firmed 6.00 cents at $2.4265.

* COMEX estimated futures volume at a sleepy 2,676 lots by 9 a.m.

* Copper up in technical bounce from oversold conditions, with the benchmark December contract down more than 19 percent since the beginning of October - Frank Lesh, broker and futures analyst with Future Path Trading in Chicago.

* Copper's positive tone mirrors firmer opening on Wall Street as investors digest Wednesday's coordinated global interest rate cuts and up their appetite for risk.

* Investors seen a bit more optimistic one day after central banks around the world cut interest rates in an attempt to stem the worst global financial crisis since the Great Depression. [ID:nL8116323]

* Markets looking forward to a meeting of Group of Seven financial ministers, as well as a broader meeting of G20 countries over the weekend, for a more coordinated approach to the global financial crisis.

* Copper's upside momentum buoyed by a slightly weaker dollar. The euro regained some ground against the dollar EUR=, rising 0.1 percent to $1.3650.

* Rapidly deteriorating prospects for manufacturers around the world prompted analysts to cut forecasts for copper consumption this year and next. [ID:nL9248571]

* The copper market is expected to see a surplus of about 100,000 tonnes in 2008, growing to around 275,000 tonnes in 2009 - International Copper Study Group. [ID:nL8359104]

* China's State Reserves Bureau, the secretive agency that manages the country's copper inventories, may be in the market to buy 300,000 tonnes in the short-term. [ID:nSP27387]

* London Metal Exchange copper warehouse stocks went up 175 tonnes on Wednesday to 208,525 tonnes -- their highest level since February 2007.

* COMEX copper stocks fell by 180 short tons to 9,741 short tons as of Tuesday.

* London copper for delivery in three months MCU3 was at $5,330 a tonne, up $90 from Wednesday's close. (Reporting by Chris Kelly; Editing by Walter Bagley)