US copper opens down with equities, jobs data saps
NEW YORK - U.S. copper futures slumped to a 1-1/2 week low Wednesday morning, as further losses in global equity markets overnight continued to undermine confidence in the economic recovery and weak U.S. jobs data added to the weight of the move.
* Copper for December delivery HGZ9 slipped 4.55 cents, or 1.6 percent, to $2.7730 a lb by 9:44 a.m. EDT (1344 GMT) on the New York Mercantile Exchange's COMEX division.
* Range from $2.81 to $2.74, the contract's lowest point since Aug. 21.
* COMEX estimated copper volumes at 11,053 lots by 9 a.m.
* Global equity markets extend recent losses overnight in wake of sharp sell-off in U.S. equities on Tuesday - analysts.
* Economic recovery worries heightened after a private employment report showed U.S. firms cut more jobs than expected in August.
* Dollar extended gains versus the euro EUR= after ADP report, making dollar-denominated metals more expensive for non-U.S. investors.
* Market awaits July factory orders data at 1400 GMT for next indication of U.S. economic recovery. Economists polled by Reuters expect factory orders to rise 2.2 percent in July, versus a 0.4 percent gain in June.
* London Metal Exchange (LME) warehouse stocks went up 3,000 tonnes to 302,950 tonnes on Wednesday.
* COMEX copper warehouse stocks rose 71 short tons to 53,280 short tons as of Tuesday.
* LME copper for three-months delivery MCU3 last traded at $6,091 a tonne, down $109 from Tuesday's kerb close.
* It earlier hit a near two-week low at $6,025. (Reporting by Chris Kelly; Editing by Lisa Shumaker)
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