US copper hits 1-mth peak as data spurs confidence
NEW YORK, July 15 (Reuters) - U.S. copper futures hit a one-month high above $2.40 per lb Wednesday morning, as the dollar weakened and equities jumped on the back of solid corporate earnings and positive data that helped restore confidence in the economy.
For detailed report on global copper markets, click on [MET/L]
* Copper for September delivery HGU9 surged 9.00 cents, or 3.9 percent, to $2.3890 a lb by 9:55 a.m. EDT (1355 GMT) on the New York Mercantile Exchange's COMEX division.
* Range from $2.2955 to $2.4055, its loftiest level since June 12.
* COMEX estimated futures volume at 11,870 lots by 9 a.m.
* Copper up in sympathy with equity markets after solid quarterly results and outlook from Intel Corp (INTC.O) reinforced economic recovery hopes.
* Copper rally additionally fueled by dollar weakness .DXY after U.S. consumer prices climbed at a slightly faster-than-expected pace in June, boosting the metal's appeal as an inflation hedge. [ID:nN14266826]
* Copper accelerated its gains after data showed the slumping factory sector in New York nearly pulled out of contraction in July. [ID:nN15329863]
* Global copper market surplus expected fall to 227,300 tonnes in 2010 from 400,000 tonnes in 2009 - Reuters poll [ID:nSP518540]
* 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.
* World copper prices could average about $2 per lb in 2009 - Chile's Mining Minister Santiago Gonzalez. [ID:nN13225133]
* LME copper for three-months delivery MCU3 last traded at $5,252 a tonne, up $207 from Tuesday's close.
* LME cash copper price premium or in backwardation over the three-month price at $17.50/$24.50, the widest since October.
* For a graphic showing LME copper cash/threes spreads, click: here (Reporting by Chris Kelly; Editing by Lisa Shumaker)
