NEW YORK, Nov 19 (Reuters) - U.S. copper futures lost some
ground at the open on Thursday, led lower by a recovery in the
U.S. dollar and concerns about rising stockpiles, while
encouraging economic data limited the losses.
For detailed report on global copper markets, click on
[MET/L]
* Copper for December delivery HGZ9 slipped 2.35 cents at
$3.0870 a lb by 10:34 a.m. EST (1534 GMT) on the New York
Mercantile Exchange's COMEX division.
* Range from $3.0770 to $3.1405.
* On Wednesday, December contract hit $3.1720, highest
level since late September 2008.
* Technicians see initial support in December contract at
$3.06-$3.07, followed by $3.00. Resistance eyed at $3.18, and
$3.25.
* COMEX estimated futures volume at 10,691 lots by 9 a.m.
* Copper under early currency-related pressure as dollar
.DXY extends recovery from 15-month lows earlier this week -
traders [USD/]
* A firm dollar typically weighs on dollar-denominated
metals by making them more expensive to buy for non-U.S.
investors.
* Copper hit by near-term demand concerns after London
Metal Exchange (LME) inventory data showed stocks climbed 6,450
tonnes to total 420,550 tonnes, their highest since late April.
<O#LME-STOCKS>
* COMEX copper warehouse stocks went up 1,605 short tons to
74,732 short tons as of Wednesday. CMWSU
* Copper downside limited by data showing factory activity
in U.S. Mid-Atlantic region up at a two-year high and a gauge
of economic prospects up for a seventh straight month.
[ID:nN19166256] [ID:nN18115880]
* Copper further supported by 37-day worker strike at BHP
Billiton's (BHP.AX) (BLT.L) Spence copper mine, which has
halted operations. [ID:nN18136519]
* Workers at Chile's massive Chuquicamata copper mine
seeking 7.5 percent salary hike from state copper giant
Codelco. [ID:nN18219629]
* LME three-month copper MCU3 last traded at $6,810 a
tonne, down $70 from Wednesday's close.
(Reporting by Chris Kelly; Editing by Christian Wiessner)
