Economic recovery fears drag US copper futures down
NEW YORK, July 10 (Reuters) - U.S. copper futures settled lower Friday, weighed down by a firmer dollar and persistent concerns about the pace of economic recovery.
For detailed report on global copper markets, click on [MET/L]
* Copper for September delivery HGU9 slipped 2.60 cents to settle at $2.2115 a lb on the New York Mercantile Exchange's COMEX division.
* Traded $2.1865 to $2.2430.
* COMEX estimated futures volume at 16,033 lots by 1 p.m. EDT (1700 GMT). Final Thursday volume at 23,682 lots.
* Open interest down 157 lots at 102,515 contracts as of July 9.
* Copper ends down in lower band of consolidation, with the path of least resistance lower if benchmark September contract breaks below weekly low at $2.1235 - Michael Gross, futures analyst with Optionsellers.com in Tampa, Florida.
* Fundamental outlook remains bearish. More concrete signs of economic recovery needed for market to regain upside momentum - Gross.
* Copper market sentiment soured by downturn in U.S. consumer sentiment in early July. [ID:nN10508844]
* Dollar up amid concerns about weak U.S. corporate profits and fading hopes for global economic recovery. [USD/]
* A stronger American currency makes dollar-priced metals more expensive for non-U.S. investors.
* Jittery economic outlook outweighed bullish import data from China, the world's largest copper consumer.
* China's imports of unwrought copper and semi-finished copper products in June hit an all-time record for a fifth straight month of 475,999 tonnes, from May's 422,666 tonnes. [ID:nBJI000181]
* "By failing to respond more positively to the Chinese numbers, participants are perhaps concluding that the massive imports of copper will not be used for local purposes, and instead, suspect the metal will end up being stored either for the government's account, or will be put back on the exchanges." - MF Global analyst, Edward Meir.
* London Metal Exchange warehouse stocks <LME/STX1> down 3,400 tonnes to 258,575 tonnes on Friday.
* Copper inventories in warehouses monitored by the Shanghai Futures Exchange fell 10 percent to 54,167 tonnes from 59,980 tonnes a week earlier. [ID:nBJI000176]
* COMEX copper stocks CMWSU flat at 59,284 short tons as of Thursday.
* LME copper for three-months delivery MCU3 closed down $30 at $4,860 a tonne. (Reporting by Chris Kelly; Editing by John Picinich)
