March 29, 2010 / 7:21 PM / 9 years ago

US copper ends at 19-mth peak on dlr, demand view

 NEW YORK, March 29 (Reuters) - U.S. copper futures closed
at a 19 month peak above $3.50 per lb on Monday, powered by
weakness in the dollar and improved demand prospects reflected
in upward Chinese growth forecasts and declining inventories.
 For detailed report on global copper markets, click on
 * Copper for May delivery HGK0 rallied 13.25 cents, or
3.9 percent, to settle at $3.5355 per lb on the New York
Mercantile Exchange's COMEX division.
 * Highest settlement for a third-position contract based on
a continuation basis since late August 2008.
 * Session range from $3.4115 to $3.5380.
 * COMEX estimated copper futures volume at 32,631 lots by 1
p.m. EDT (1700 GMT).
 * Copper buoyed by relief rally in the euro after last
week's euro zone agreement on emergency financial aid for
Greece. [USD/]
 * Market sentiment bolstered by 12 percent growth forecast
in China, the world's top consumer of the industrial metal.
 * Copper underpinned by improved economic outlook after
data showed U.S. consumer spending grew for fifth straight
month in February. [ID:nN29246203]
 * Inventory numbers starting to catch people's attention -
Justin Lennon, analyst with Mitsui Bussan Commodities (USA)
 * London Metal Exchange copper warehouse stocks fell 1,400
tonnes to 515,525 tonnes -- their lowest level since early
January. Stockpiles hit a 6-1/2 year high of 555,075 tonnes in
mid-February. <0#LME-STOCKS>
 * Last week, Shanghai copper stocks fell 8 percent to
155,465 tonnes from 169,101 tonnes a week ago, while copper
stocks on warrant declined 3,054 tonnes to 47,908 tonnes.
 * COMEX copper stocks eased 22 short tons to 101,446 short
tons as of Friday. CMWSU
 * Money managers, which include commodity trading advisors,
pool operators and hedge funds, trimmed net long positions in
COMEX copper futures to 22,194 lots in week ended March 23,
from prior 22,796 lots - data from U.S. Commodity Futures
Trading Commission. [ID:nN26118087]
 * LME copper CMCU3 closed at $7,770 per tonne from $7,514
per tonne at the close on Friday.
 (Reporting by Chris Kelly)

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