US copper hits 1-wk high on global equities boost

NEW YORK, July 14 (Reuters) - U.S. copper futures rallied to a one-week high above $2.30 a lb on Tuesday, driven by positive sentiment in global equity markets and economic data that raised confidence in the global economy.

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

* Copper for September delivery HGU9 up 7.60 cents, or 3.4 percent, to close at $2.2990 a lb on the New York Mercantile Exchange's COMEX division.

* Range from $2.2190 to $2.3110, matching a high reached on July 6.

* COMEX estimated futures volume at 21,200 lots by 1 p.m. EDT (1700 GMT). Final volume on Monday at 17,910 lots.

* Open interest down 419 lots at 102,527 contracts open as of July 13.

* Copper underpinned by steadier tone in equities following strong quarterly results from investment bank Goldman Sachs Group (GS.N). [ID:nN14175292]

* Larger-than-expected rise in U.S. producer price index and rising U.S. retail sales figures for month of June provide additional upside support. [ID:nN14252432]

* Rise in PPI a sign that we may be getting into a cycle of inventory replacement - Sterling Smith, an analyst for Country Hedging Inc in Inner Grove Heights, Minnesota.

* Rise in risk appetite pressured the dollar down against a basket of major currencies .DXY, making dollar-priced copper more attractive to non-U.S. investors. [USD/]

* London Metal Exchange warehouse stocks <LME/STX1> down 325 tonnes at 256,900 tonnes on Tuesday.

* COMEX copper stocks CMWSU up 44 short tons at 59,374 short tons as of Monday.

* World copper prices could average about $2 per pound in 2009 - Chile's Mining Minister Santiago Gonzalez. [ID:nN13225133]

* LME copper for three-months delivery MCU3 ended up $150 at $5,045 a tonne.

* LME cash copper prices at a premium or in backwardation versus the three-month price for the first time since May. [ID:nSP373804]

* For a graphic showing LME copper cash/threes spreads, click: here (Reporting by Chris Kelly)