April 26, 2010 / 6:14 PM / 8 years ago

US copper ends up as economic sentiment trumps dlr

 NEW YORK, April 26 (Reuters) - U.S. copper futures ended up on Monday
after hitting their highest level in one week, as improved economic
sentiment from surprisingly strong new home sales data late last week
boosted prices and outweighed the bearish impact of a firmer dollar.
 For detailed report on global copper markets, click on [MET/L]
 * Copper for July delivery HGN0 rose 1.75 cents to settle at $3.5480
per lb on the New York Mercantile Exchange's COMEX division.
 * Range from $3.5355 to $3.5805, its highest level since April 16.
 * COMEX estimated final copper futures volume at 39,020 lots compared
with 58,168 lots on Friday.
 * Open interest up 119 lots at 154,445 contracts open as of April 23.
 * Copper up on follow-through support from Friday data showing new U.S.
home sales surge 26.9 percent in March. [ID:nN23173134]
 * An average single-family home uses 439 lbs of copper - Copper
Development Association.
 * Fundamentals revolving around improved housing market and general
economic conditions - Ralph Preston, futures analyst with
HeritageWestFutures.com in San Diego, California.
 * Improved demand outlook reflected in inventory data showing a
1,025-tonne withdrawal in London Metal Exchange warehouse levels.
 * For a graphic on global copper warehouse stock levels, see:
 * Copper gains buck stronger tone in dollar versus euro EUR= as
uncertainties linger about emergency aid package for Greece. [USD/]
 * COMEX copper stocks were flat at 101,128 short tons as of Friday.
 * Money managers cut net COMEX copper long positions to 25,585 lots in
the week to April 20, down from 29,735 lots in week to April 13 - Commodity
Futures Trading Commission data. [ID:nN23222899]
 * LME copper for three-months delivery CMCU3 closed at $7,810 per
tonne from $7,745 at Friday's close.
 * A technical report by Reuters market analyst Wang Tao said LME copper
prices may break higher to test $7,978 per tonne, or extend breakout to
$8,035. [ID:nSGE63P01B]
 (Reporting by Chris Kelly; Editing by John Picinich)

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