U.S. copper ends up 2 pct on weaker dollar
NEW YORK, Sept 12 (Reuters) - U.S. copper futures closed up more than 2 percent on Friday, bolstered by a weaker dollar and continued support for the red metal after a spate of recent corrections.
NOTE: For detailed report, click on [MET/L]
* Copper for December delivery HGZ8 settled up 7.15 cents at $3.1940 a lb on the New York Mercantile Exchange's COMEX division.
* The range extended up to a week high of $3.23 from a low of $3.1215 an ounce.
* Spot September HGU8 closed up 7.45 cents at $3.2090 a lb.
* Copper added to early gains after the dollar declined following a drop in U.S. August retail sales and a fall in the producer price index - traders.
* U.S. retail sales fell 0.3 percent in August, the biggest drop since December 2007, and follows a downwardly revised July decline of 0.5 percent. Analysts' consensus forecasts came to a rise of 0.2 percent for August. Excluding autos, sales dropped 0.7 percent. [nCAT002253]
* The U.S. August producer price index showed a 0.5 percent decline, after dropping 0.9 percent more than forecast. In July, the PPI jumped 1.2 percent. [nOAT001791]
* The dollar took a double hit after economic weakness indicated by the drop in retail sales and steep decline in wholesale inflation reading which implied that the Federal Reserve may not raise U.S. interest rates right away. [USD/]
* Even before the data, some players saw value at this week's 8-1/2 week lows and began buying copper's dips -traders.
* Supply concerns stemming from Freeport-McMoRan Copper & Gold Inc's (FCX.N) production hit earlier this week also kept copper supported. [ID:nN10391951]
* COMEX estimated final futures volume at 14,867 lots, down from the 14,306 lots recorded on Thursday.
* Open interest in the market rose by 1,452 lots to 78,477 contracts open as of Sept. 11.
* London Metal Exchange inventories fell 1,050 tonnes to 203,075 tonnes on Friday. COMEX copper stocks stayed even at 5,390 short tons on Thursday.
* London Metal Exchange copper for three-months delivery MCU3 closed up $192 at $7,122 a tonne after touching a one-week high at $7,180 a tonne. (Reporting by Barani Krishnan and Carole Vaporean)
