US copper down at open as ecnomic jitters persist

Fri Jul 10, 2009 10:02am EDT
 
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NEW YORK, July 10 (Reuters) - U.S. copper futures weakened at the open Friday as a firmer dollar and lingering doubts about the strength of any global economic recovery weighed on values despite bullish trade data from China, the world's largest consumer of the industrial metal.

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

* Copper for September delivery HGU9 down 1.90 cents at $2.2185 a lb by 9:56 a.m. EDT (1456 GMT) on the New York Mercantile Exchange's COMEX division.

* Range from $2.1865 to $2.2430.

* COMEX estimated futures volume at 5,129 lots by 9 a.m.

* China's imports of unwrought copper and semi-finished copper products in June hit an all-time record for a fifth straight month of 475,999 tonnes, from May's 422,666 tonnes. [ID:nBJI000181]

* "By failing to respond more positively to the Chinese numbers, participants are perhaps concluding that the massive imports of copper will not be used for local purposes, and instead, suspect the metal will end up being stored either for the government's account, or will be put back on the exchanges." - MF Global analyst, Edward Meir.

* Dollar up amid concerns about U.S. corporate earnings and falling equities. [USD/]

* A stronger American currency makes dollar-priced metals more expensive for non-U.S. investors.

* Copper market sentiment soured by downturn in U.S. consumer sentiment in early July. [ID:nN10508844]

* London Metal Exchange warehouse stocks <LME/STX1> down 3,400 tonnes at 258,575 tonnes on Friday.

* Copper inventories in warehouses monitored by the Shanghai Futures Exchange fell 10 percent to 54,167 tonnes from 59,980 tonnes a week earlier. [ID:nBJI000176]

* COMEX copper stocks CMWSU flat at 59,284 short tons as of Thursday.

* LME copper for three-months delivery MCU3 last at $4,895 a tonne, up a shade from the Thursday close at $4,890. (Reporting by Chris Kelly; Editing by John Picinich)

 

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