US copper turn up after data lifts demand prospects

NEW YORK, Nov 2 (Reuters) - U.S. copper futures erased
earlier losses and headed into positive territory Monday
morning, after a trio of upbeat reports from the housing and
manufacturing sectors of the economy showed signs of
expansion.

For detailed report on global copper markets, click on
[MET/L]

* Copper for December delivery HGZ9 gained 1.05 cents to
$2.9660 a lb by 10:55 a.m. EST (1555 GMT) on the New York
Mercantile Exchange's COMEX division.

* Ranged from $2.9230 to $2.9875.

* COMEX estimated futures volume at 14,756 lots by 10 a.m.

* Copper up after data showed the U.S. manufacturing sector
grew in October for the third consecutive month and at a faster
rate than expected. [ID:nWEN5869]

* An unexpected rise in pending sales of previously owned
U.S. homes in September and a spike in U.S. construction
spending indicate brighter outlook for housing sector, a key
demand outlet for copper. [ID:nN02432431] [ID:nN30418368]

* Building construction accounts for more than 40 percent
of all copper use, with residential construction occupying
nearly two-thirds of the building construction market - Copper
Development Association (CDA).

* An average single-family home uses 439 pounds of copper -
CDA.

* Better-than-expected U.S. manufacturing data adds to
upbeat manufacturing in China and Europe. [ID:nSEO80466]
[ID:nSP62642]

* Copper additionally buoyed by dollar weakness after
improved manufacturing data erodes the currency's safe-haven
appeal. [USD/]

* London Metal Exchange warehouse stocks eased 25 tonnes to
372,175 tonnes on Monday.

* COMEX copper warehouse stocks went up 484 short tons on
Friday to 61,949 short tons.

* Money managers hiked net long COMEX copper positions to
13,403 lots in the week to Oct. 27, from a prior 5,274 lots,
while the noncommercial short position grew to 9,055 lots from
1,685 lots in the week to Oct. 20. [ID:nN30320587]

* LME three-month copper MCU3 last traded at $6,510 a
tonne, up $30 from Friday's kerb close.
(Reporting by Chris Kelly; Editing by Marguerita Choy)