US copper swept up in commods rally in early trade
NEW YORK, May 16 (Reuters) - U.S. copper futures rose to an eight day high in early trade on Friday, following gains across the metals complex.
NOTE: For detailed report, click on [MET/L].
* July copper delivery HGN8 up 9.30 cents at $3.8315 a lb on the COMEX. Range $3.7395 to $3.8420, highest since May 8.
* 9 a.m. EST volume estimated at 6,501 lots.
* Copper buoyed by gains in aluminum and zinc, and across commodities complex. Gold and oil surges watched.
* No extra buying on back of surprise 8.2 percent gain in April U.S. housing starts - floor broker.
* Traders cite tightness based on LME cash-three month backwardation widening out after midweek narrowing.
* Chinese demand seen slack. Chinese dealers have built up stocks and could wait for lower prices.
* Shanghai inventories rose 1 percent to 51,507 tonnes.
* LME copper stocks rose 375 tonnes.
* LME three-month copper rose to $8,432.50 a tonne as of 9:42 a.m. EST, from Thursday's kerb close at $8,296. (Reporting by Alden Bentley; editing by Jim Marshall)
