NEW YORK, Nov 3 (Reuters) - U.S. copper futures bounced
from a near two-week low to end higher on Tuesday, with
spillover support from a stronger precious metals complex
providing a modest lift ahead of a Federal Reserve interest
rate decision on Wednesday.
For detailed report on global copper markets, click on
[MET/L]
* Copper for December delivery HGZ9 rose 1.10 cents to
finish at $2.9560 a lb on the New York Mercantile Exchange's
COMEX division.
* Range from $2.9895 to $2.8950, its lowest level since
Oct. 21.
* COMEX estimated futures volume at 28,148 lots by 1 p.m.
EST (1800 GMT). Final volume on Monday at 40,346 lots.
* Open interest down 442 lots at 138,234 contracts open as
of Nov. 2.
* Copper swept up with rally in precious metals, where gold
hit a record high above $1,080 an ounce <GOL/> - David Meger,
vice president and director of metals trading with Vision
Financial Markets in Chicago.
* Weaker tone in equities and concerns about conclusion of
Federal Reserve policy-setting meeting on Wednesday holding
copper's upside in check - Meger.
* The Federal Open Market Committee begins two-day meeting
on interest rate policy and are expected to keep interest rates
close to zero. [FED/R]
* Market awaits monthly U.S. employment data on Friday,
where unemployment rate is forecast at 9.9 percent in October
from 9.8 percent in September, while non-farm payrolls seen
falling to 175,000 from a decline of 263,000.
* Copper's positive settlement bucks bearish impact of
stronger dollar. [USD/]
* Copper underpinned by a 0.9 percent rise in new orders
received by U.S. factories in September, while inventories
continued to shrink. [ID:nN02454734]
* London Metal Exchange warehouse stocks increased by 1,625
tonnes to 373,800 tonnes on Tuesday.
* COMEX copper warehouse stocks added 251 short tons on
Monday to 62,200 short tons.
* On the supply-side, striking workers at Chile's Spence
copper mine entered the third week of a strike after
government-mediated talks with owner BHP Billiton (BLT.L)
(BHP.AX) failed. [ID:nN03502709]
* LME three-month copper MCU3 closed down $90 at $6,460 a
tonne.
(Reporting by Chris Kelly; Editing by Christian Wiessner)
