US copper hits 2009 peak on upbeat economic prospects

NEW YORK, Aug 13 (Reuters) - The price of copper surged to a 2009 peak above $2.90 a lb in New York futures trade on Thursday, driven by better economic and demand growth prospects in the United States and in Europe's two largest economies.

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

* Copper for September delivery HGU9 rallied 9.05 cents, or 3.2 percent, to settle at $2.9140 a lb on the New York Mercantile Exchange's COMEX division.

* Range from $2.8145 to $2.93, its loftiest level since Sept. 29.

* Copper price momentum to flirt with psychological $3.00 level in near term - Ralph Preston, futures analyst with HeritageWestFutures.com in San Diego, California.

* COMEX estimated final futures volumes at 38,052 lots, versus Wednesday's count at 46,619 lots.

* Open interest eased 36 lots to 117,705 contracts as of Aug. 12.

* Copper rally fueled by economic optimism after the U.S. Federal Reserve said Wednesday the economy was showing signs of leveling out from its deepest financial crisis in decades. [ID:nN1272730]

* Positive statement about the economy helps confirm the sentiment that we are beginning a very slow recovery - Sterling Smith, an analyst for Country Hedging Inc in Inner Grove Heights, Minnesota.

* Further underpinnings from unexpected return to growth in the second quarter in German and French economies -- the euro zone's two biggest. [ID:nLD514771]

* Upside surprise in growth rates in Germany and France boosted the euro against the dollar, making dollar-denominated metals a better buy for non-U.S. investors. [USD/]

* Copper rally looks past slight unexpected drop in U.S. consumer spending in July. [ID:nN12109251]

* London Metal Exchange warehouse stocks fell by 425 tonnes to 291,975 tonnes on Thursday. [LME/STX1]

* COMEX copper warehouse stocks went down 263 short tons to 53,688 short tons as of Wednesday. [CMWSU]

* Market keeping an eye on reported gunfire near Freeport McMoRan Copper & Gold's Grasberg complex in Indonesia. Production was not impacted. [ID:nJAK532606]

* LME copper for three-months delivery MCU3 ended up $205 at $6,395 a tonne, after hitting a new 10-1/2-month peak at $6,450. (Reporting by Chris Kelly; Editing by Walter Bagley)