US copper futures easier at open, weak dlr supports
NEW YORK, Nov 19 (Reuters) - U.S. copper futures fell more than 2 percent before steadying at slightly lower levels early Wednesday as a weaker dollar helped offset lingering concerns about demand and a slowing global growth outlook.
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* Copper for December delivery HGZ8 was trading down 0.40 cent at $1.6580 a lb by 10:12 a.m. EST (1512 GMT) on the New York Mercantile Exchange's COMEX division.
* The early range from $1.6170 to $1.6875.
* Last week, the December contract dropped as low as $1.57 -- the lowest level for a second-month position on a continuation basis since July 2005.
* Analysts see initial support in December copper at $1.60, followed by $1.57, then $1.50. Resistance eyed at $2.00, and then at the $2.15 to $2.20 area.
* COMEX estimated volume at 5,159 lots by 9 a.m.
* Copper in moderate bounce from overnight lows in response to the euro surge to session peak against the dollar EUR=. [USD/]
* Dim demand prospects and fears the world is in for an extended recession have contributed to a more than 60 percent decline in the price of COMEX copper since July.
* U.S. consumer prices plummeted and construction starts fell to record lows, reflective of the weakened state of metal demand. [ID:nN19322800]
* Further fears of demand deterioration from the U.S. automotive industry as the economic crisis threatens the survival of Detroit's Big Three -- General Motors Corp GM.N, Ford Motor Co (F.N) and Chrysler LLC [CBS.UL]. [ID:nT338414]
* A typical U.S. built automobile is comprised of more than 50 lbs of copper.
* London Metal Exchange warehouse stocks added another 1,475 tonnes on Wednesday, bringing total levels to 280,050 tonnes -- their highest since March 2004.
* COMEX copper stocks were flat at 11,252 short tons as of Tuesday.
* Global copper market in a small surplus of 26,800 tonnes in January to September period - the World Bureau of Metal Statistics (WBMS) research group. [ID:nLJ540870]
* Weak copper prices will prevent Zambia from meeting its forecast target of raising additional revenue totaling $415 million from foreign mining firms - central bank governor Caleb Fundanga. [ID:nLJ545820]
* LME copper for three month delivery MCU3=LX was last down $70 at $3,680 a tonne from Tuesday's close. (Reporting by Chris Kelly; editing by Jim Marshall)
