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US copper ends up as weak dlr, outside markets lift

Thu Jun 4, 2009 11:46pm IST
 
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NEW YORK, June 4 (Reuters) - U.S. copper futures surged to a strong close on Thursday, driven higher by a weaker dollar and rallying energy and precious metals markets, while encouraging weekly jobless claims and business productivity data added to the upbeat tone.

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

* Copper for July delivery HGN9 rallied 8.90 cents, or 4 percent, to settle at $2.3010 a lb on the New York Mercantile Exchange's COMEX division.

* Session range from $2.2080 to $2.3025.

* COMEX estimated futures volume at 20,824 lots by 1 p.m. EDT (1700 GMT). Final volume on Wednesday increased to 32,017 lots.

* Open interest jumped 2,770 lots to 114,127 contracts open as of June 3.

* Copper driven higher by outside market support -- renewed dollar weakness, rally in crude oil futures, and a quietly higher stock market - Rob Kurzatkowski futures analyst with OptionsXpress in Chicago.

* The euro rose against the dollar EUR= in volatile trade on Thursday following the European Central Bank's decision to keep the benchmark interest rate unchanged at a record low of 1.0 percent. [USD/]

* Additional underpinning from upbeat data showing fewer U.S. workers filed new claims for jobless benefits for a third straight week last week and non-farm productivity up at a stronger-than-expected pace. [ID:nN04201550]  Continued...

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