US copper steadies on dollar, Chinese demand caps
NEW YORK, June 19 (Reuters) - U.S. copper futures held near the unchanged level Friday morning, as a stabilizing dollar and concerns about over-supply issues in China, the world's top copper consumer, capped earlier gains.
For detailed report on global copper markets, click on [MET/L]
* Most-active copper for September delivery HGU9 was trading up 0.15 cent at $2.2835 a lb by 10:30 a.m. EDT (1430 GMT) on the New York Mercantile Exchange's COMEX division.
* Morning range from $2.2520 to $2.3050.
* COMEX estimated futures volume at 8,240 lots by 9 a.m.
* Copper prices taking their cues from fluctuations in the U.S. dollar, which was under earlier pressure from recent batch of economic data dents safe-haven demand for the U.S. currency. [USD/]
* Data on Thursday showing upbeat U.S. factory and labor reports provided more evidence that the global economy is recovering from its deep recession. [MKTS/GLOB]
* Copper morning gains limited by concerns about slowing Chinese demand, as the country's restocking phase may be nearing an end - analysts.
* Copper inventories in warehouses monitored by the Shanghai Futures Exchange rose 13 percent to 68,536 tonnes from 60,647 tonnes a week ago.
* China's copper imports are not likely to remain at the high level seen in May and could weaken in the second half of 2009 - Europe's largest copper producer Aurubis (NAFG.DE) [ID:nLJ869517]
* London Metal Exchange warehouse stocks <LME/STX1> shed another 1,250 tonnes to 280,350 tonnes on Friday, compared with levels around 500,000 tonnes in February and March.
* Canceled warrants -- metal set to leave warehouses -- dropped to 15,800 tonnes on Thursday from 17,125 tonnes the previous session.
* COMEX copper stocks CMWSU climbed 360 short tons to 60,138 short tons as of Thursday.
* Southern Copper (PCU.N) will move ahead with an expansion project of its Peruvian mine Toquepala, reversing an earlier decision to put it on hold - Chief Executive Oscar Gonzalez. [ID:nN18421858]
* LME copper for three-months delivery MCU3 last traded at $5,0008, up $38 from Thursday's closing level. (Reporting by Chris Kelly; Editing by Marguerita Choy)
