Dollar, China imports drive US copper to 1-wk high

NEW YORK, Nov 24 (Reuters) - U.S. copper futures closed Monday at a one-week high on the back of strong Chinese trade data, dollar weakness, and optimism surrounding a government rescue package for banking giant Citigroup.

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* Most-active copper for March delivery HGH9 firmed 9.25 cents, or 6 percent, to close at $1.6715 a lb on the New York Mercantile Exchange's COMEX division, the highest level on a closing basis since Nov. 14.

* The range extended up to a high at $1.72 from a session low at $1.5555.

* COMEX estimated volume at 21,664 lots by 1 p.m. EST (1800 GMT). Final volume on Friday totaled 23,047 lots.

* Open interest fell by 2,376 lots to 77,301 contracts open as of Nov. 21.

* Copper market up in initial reaction to better-than-expected import statistics from China, the world's leading metals consumer - analysts.

* China's monthly refined copper imports rose 15 percent in October to an eight-month high, boosted by attractive profit margins. [ID:nHKG4104]

* Copper's rally centered on upbeat sentiment in broader markets and weakness in the dollar after the U.S. government agreed to inject $20 billion in new capital to rescue troubled banking giant Citigroup (C.N). [ID:nSP406175]

* A weaker dollar tends to makes dollar-priced metals more attractive for holders of other world currencies.

* An in-line drop in U.S. October existing home sales data fuels further gains in the broader complex. [ID:nN24480952]

* "We would not be surprised to see this rally run a little further given how short the market is at the moment, but we think there is much to be done before confidence is completely restored to the market and that rallies will continue to be used as a selling opportunity." - RBC Capital Markets.

* Net speculative short position in COMEX copper futures grew to 16,244 lots in week ended Nov. 18, from 15,409 lots during week of Nov. 11. [ID:nN21501095]

* London Metal Exchange warehouse stocks added another 1,275 tonnes on Monday, bringing total inventory levels to 284,400 tonnes, their highest since Feb. 2004.

* COMEX copper stocks were unchanged at 13,802 short tons as of Friday.

* Global copper prices to average about $1.60 a lb in 2009 due to spreading global financial crisis and concerns about demand from China, which consumes 25 percent of the world's copper - Chile's state copper commission, Cochilco.