U.S. copper ends strong amid dollar-induced rally
NEW YORK, July 9 (Reuters) - U.S. copper futures settled sharply higher on Thursday, buoyed by renewed weakness in the dollar and improved investor tolerance for risk following positive comments about the global economy from the International Monetary Fund.
For detailed report on global copper markets, click on [MET/L]
* Copper for September delivery HGU9 surged 7.85 cents, or 3.6 percent, to settle at $2.2375 a lb on the New York Mercantile Exchange's COMEX division.
* Ranged from $2.1550 to $2.2435.
* On Wednesday, the contract hit $2.1420, its lowest level since June 23.
* COMEX estimated futures volume at 20,372 lots by 1 p.m. EDT (1700 GMT). Final Wednesday volume at 24,468 lots.
* Open interest up 246 lots at 102,672 contracts open as of July 8.
* Technical failure in the U.S. dollar .DXY behind copper price recovery - Charles Nedoss, senior account manager and metals analyst with Peak Trading Group in Chicago.
* Positive economic forecasts in China adding to upbeat copper sentiment - Nedoss.
* China's economy to grow about 8 percent this year - The State Information Centre under the National Development and Reform Commission, China's top economic planner. [ID:nSP466423]
* Additional support from updated outlook from the IMF, calling for the global economy to contract 1.4 percent this year, followed by 2.5 percent growth in 2010. [ID:nN08376464]
* Decline in U.S. initial jobless claims revived investor appetite for risk. [ID:nN09442078]
* Industrial metals underpinned by better-than-expected quarterly results from top aluminum maker, Alcoa (AA.N).
* Alcoa posted a third consecutive quarterly loss on Wednesday, but cost cuts helped the largest U.S. aluminum maker beat Wall Street estimates by a large margin. [ID:nN08471164]
* London Metal Exchange warehouse stocks <LME/STX1> down 3,375 tonnes to 261,975 tonnes on Thursday.
* COMEX copper stocks CMWSU off 361 short tons to 59,284 short tons as of Wednesday.
* LME copper for three-months delivery MCU3 ended up $170 at $4,890 a tonne. (Reporting by Chris Kelly; Editing by Marguerita Choy)
