NEW YORK, Sept 1 (Reuters) - U.S. copper futures headed higher at the open on Tuesday, recovering a portion of the prior session’s steep losses, as equity markets regained their footing and manufacturing and housing data suggested the economic recovery was on track.
For detailed report on global copper markets, click on [MET/L]
* Benchmark copper for December delivery HGZ9 firmed 5.80 cents, or 2 percent, to $2.8845 a lb by 10:23 a.m. EDT (1423 GMT) on the New York Mercantile Exchange’s COMEX division.
* Range from $2.8310 to $2.9070.
* COMEX estimated copper volumes at 9,951 lots by 9 a.m.
* Copper advance tracks rebound in global equity markets after overseas data showed manufacturing in China expanded at its fastest pace in 16 months in August. [ID:nPEK62430]
* Copper advance accelerated after data showed the U.S. manufacturing sector grew in August in the first month of expansion in more than a year and a half. [ID:nWEN2981]
* A 2.3 percent rise in private residential construction in July overshadows 0.2 percent drop in total U.S. construction spending. [ID:nN31445927]
* “Both reports are encouraging readings. I’m particularly encouraged by new orders and spread between new orders and shipments. The manufacturing recession is over. This is not necessarily a one-month event. This suggests manufacturing activity will be picking up.” - Jonathan Basile, economist with Credit Suisse in New York.
* London Metal Exchange (LME) warehouse stocks rose by 1,025 tonnes to 299,950 tonnes on Tuesday. [LME/STX1]
* COMEX copper warehouse stocks went up 228 short tons to 53,209 short tons as of Monday. [CMWSU]
* LME copper for three-months delivery MCU3 was last at $6,345 a tonne, down $130 from Friday’s settlement. The LME was closed on Monday for holiday. (Reporting by Chris Kelly; Editing by Lisa Shumaker)