US copper turns higher on rising consumer sentiment
NEW YORK - U.S. copper futures bounced from one-month lows Friday morning, as a weaker dollar and rising consumer sentiment underpinned prices and countered weaker-than-expected durable goods and housing data.
* Copper for December delivery HGZ9 up 2.60 cents at $2.7355 a lb by 10:23 a.m. EDT (1423 GMT) on the New York Mercantile Exchange's COMEX division.
* Session range from $2.6730, a low dating back to Aug. 19, to $2.7370.
* COMEX estimated futures volume at 8,431 lots by 9 a.m.
* Copper rises in response to data showing U.S. consumer sentiment up in late September to its highest level since January 2008.
* Copper further buoyed by dollar weakness after G20 pledge to continue emergency stimulus spending until a recovery takes hold suggested U.S. interest rates will remain very low.
* Copper advance bucks bearish impact from unexpected fall in U.S. durable goods orders in August and smaller-than-expected rise in new home sales.
* Slight improvement in sentiment after the release of the Shanghai copper inventory numbers, which showed a higher-than-expected decrease in weekly inventories - MF Global analyst, Edward Meir.
* Copper inventories in warehouses monitored by the Shanghai Futures Exchange fell 5.3 percent to 98,689 tonnes from 104,248 tonnes one week earlier.
* London Metal Exchange (LME) copper stocks slipped 175 tonnes to 340,700 tonnes on Friday.
* COMEX copper warehouse stocks went up 372 short tons, bringing total levels to 53,750 short tons as of Thursday.
* Chilean state miner Codelco, the world's largest copper producer, plans to invest $367 million in its aging El Teniente mine in 2010.
* Japan's output of rolled copper products fell to 63,224 tonnes in August on a seasonally adjusted basis, down 21 percent from a year earlier. The figure represents a 2.2 percent increase from July - Japan Copper and Brass Association.
* Union workers at Chile's Spence copper mine likely to reject BHP Billiton's collective contract offer and vote to strike in coming days - Spence workers' union president Andres Ramirez.
* LME copper for three-month delivery MCU3 last traded at $6,000 a tonne, up $50 from Thursday's close. (Reporting by Chris Kelly; Editing by Lisa Shumaker)
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