US copper ends below 14-month top on weak housing

NEW YORK, Nov 18 (Reuters) - U.S. copper futures backed away from a
14-month peak by the close on Wednesday as early momentum faded and
economic recovery fears resurfaced after data showed a surprise drop in new
home construction last month.

For detailed report on global copper markets, click on [MET/L]

* Copper for December delivery HGZ9 ended up 0.20 cent at $3.1105 a
lb on the New York Mercantile Exchange's COMEX division.

* Range from $3.0945 to $3.1720, a new high dating back to late
September 2008.

* COMEX estimated futures volume at 27,987 lots by 1 p.m. EST (1800
GMT). Final volume on Tuesday at 33,457 lots.

* Open interest dipped 908 lots to 150,458 contracts open as of Nov.
17.

* Copper down in profit-taking pause to rally, with slight pull-back in
crude oil and dollar stability lending downside support - Ralph Preston,
futures analyst with HeritageWestFutures.com in San Diego, California.

* Initial support in December contract at $3.06-$3.07, followed by
$3.00. Next upside objective at $3.25 - Preston.

* Copper benefiting from avaricious demand for commodities from funds,
as well as ongoing support from weaker dollar - Bill O'Neill, partner of
LOGIC Advisors in Upper Saddle River, New Jersey.

* Dollar under pressure from stronger-than-expected U.S. consumer price
data and sharply weaker home construction report, reinforcing views U.S.
interest rates will remain at record lows. [USD/]

* Copper weighed down by sharp 10.6 percent drop in construction of new
U.S. homes in October. [ID:nN1899353]

* An average 2,100 Sq Ft single-family home uses 439 pounds of copper -
Copper Development Association.

* London Metal Exchange warehouse stocks added another 4,100 tonnes on
Wednesday, bringing total inventory levels to 414,100 tonnes, their highest
since late April. <O#LME-STOCKS>

* COMEX copper warehouse stocks jumped 1,585 short tons to 73,127 short
tons as of Tuesday. CMWSU

* Global copper market in deficit of 58,000 tonnes in January to
September of 2009, compared with a surplus in the same months of 2008 - the
World Bureau of Metals Statistics (WBMS). [ID:nLI439416]

* Copper underpinned by recent labor negotiations in Chile, including
prolonged work stoppage at BHP Billiton's (BHP.AX) (BLT.L) Spence copper
mine.

* LME three-month copper MCU3 ended up $25 at $6,880 a tonne.
(Reporting by Chris Kelly; Editing by John Picinich)