US copper ends up with equities, economic woes cap

NEW YORK, July 13 (Reuters) - U.S. copper futures ended up on Monday, with the help of rallying equity markets and a falling supply base, but sentiment remained fragile and prices vulnerable to downside pressures due to a still uncertain outlook for the global economy.

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

* Copper for September delivery HGU9 ended up 1.15 cents at $2.2230 a lb on the New York Mercantile Exchange's COMEX division.

* Range from $2.1830 to $2.2365.

* COMEX estimated futures volume at 15,052 lots by 1 p.m. EDT (1700 GMT). Final volume on Friday at 20,722 lots.

* Open interest up 431 lots at 102,946 contracts open as of July 10.

* Copper up in sympathy with firmer tone in equities. Both viewed as proxies for underlying economic strength - brokers.

* Copper prices resilient due to falling warehouse inventories and still-strong Chinese demand - Bill O'Neill, partner of LOGIC Advisors in Upper Saddle River, New Jersey.

* China's economy probably grew by 7.5 percent in the second quarter from a year earlier, better than the 6.1 percent pace in January-March, due in part by increased government spending and bank lending - Reuters poll. [ID:nPEK11415]

* 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]

* London Metal Exchange warehouse stocks <LME/STX1> down 1,350 tonnes at 257,225 tonnes on Monday.

* COMEX copper stocks CMWSU up 46 short tons at 59,330 short tons as of Friday.

* COMEX copper net noncommercial short position at 20,961 lots in week ended July 7, from 20,064 a week earlier. Open interest fell to 102,426 lots from 104,189 lots in the week of June 30. [ID:nN10535629]

* Copper to see further downside pressure, as $2.20 a lb is still likely overbought given the economic outlook and the supply/demand balance - Bart Melek, Global Commodity Strategist with BMO Nesbitt Burns in Toronto.

* Japanese industrial output rose 5.7 percent in May from April [ID:nT184581], while consumer confidence also improved [ID:nTFD006303]

* LME copper for three-months delivery MCU3 closed up $35 at $4,895 a tonne. (Reporting by Chris Kelly; Editing by David Gregorio)