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US copper up a bit at open on crude oil's rebound

Mon Jul 21, 2008 10:19am EDT
 
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NEW YORK, July 21 (Reuters) - U.S. copper futures were steady at the open on Monday, with a firmer tone in the energy complex enabling the red metal to hold on to modest morning gains.

NOTE: For detailed report, click on [MET/L].

* Copper for September delivery HGU8 was trading up 1.50 cents at $3.6840 a lb by 10:10 a.m. EDT (1410 GMT) on the New York Mercantile Exchange's COMEX division.

* The morning range was from $3.6675 to $3.7135.

* On the charts, support in September contract seen at $3.65 to $3.63, followed by $3.50. Resistance pegged at $3.80, followed by $4.00.

* By 9 a.m. EDT (1300 GMT), COMEX estimated volumes at a modest 2,669 lots.

* Copper up on back of the sharp rebound in U.S. crude oil futures.

* After a four-day losing streak on the New York Mercantile Exchange, August crude CLQ8 was up $2.48 or 1.92 percent at $131.36 a barrel, trading from $128.88, where it settled on Friday, to $132.05.

* "With oil bouncing back to $130 after inconclusive Iran talks and gold inching back over $965, the 'safe haven players' may be adding back some metals longs recently liquidated." - RBC Capital Markets.  Continued...

 

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