RTRS: US copper bounces after overnight drop to 3-yr low
NEW YORK, Nov 13 (Reuters) - U.S. copper futures bounced higher early Thursday after dropping overnight to levels not seen since July 2005 amid lingering concerns about rising inventories and waning demand growth.
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* Copper for December delivery HGZ8 was trading up 1.50 cents at $1.6705 a lb by 10:28 a.m. EST (1528 GMT) on the New York Mercantile Exchange's COMEX division.
* The range ran from $1.6770 to $1.58, the lowest level for a second-position contract on a continuation basis since mid-July 2005.
* COMEX estimated futures volume at 5,395 lots by 10 a.m.
* COMEX copper up from overnight lows in response to higher crude oil prices, firmer U.S. equities, and weakness in the U.S. dollar - traders.
* The dollar fell against the euro on Thursday, making dollar-priced commodities less expensive for holders of other currencies. [USD/]
* Market attention on the Energy Information Administration's weekly crude and petroleum products report, set for release at 11 a.m. EST (1600 GMT).
* U.S. crude supplies are expected to be up again on higher imports last week. Distillate and gasoline stocks predicted to post small increases, according to a Reuters poll. [EIA/S]
* Copper market tone remains fragile, with steady increases in London warehouse stocks and global recession fears driving bearish sentiment - analysts.
* London Metal Exchange-registered warehouse stocks rose another 2,525 tonnes on Thursday, bringing total stock levels to 272,625 tonnes -- their highest since March 2004. Inventory levels are up nearly 35,000 tonnes in November.
* German gross domestic product contracted by 0.5 percent in the third quarter, putting Europe's largest economy in recession for the first time in five years. [ID:nLD585806]
* U.S. jobless claims rose to their highest level since the week ended Sept. 29, 2001. [ID:nN13349832]
* Copper prices steadied after data showed Chinese output of the metal fell in October to an eight-month low as producers responded to the global slowdown.
* China's production of refined copper fell 8 percent on the year and 7.3 percent on the month to an eight-month low in October, as domestic demand weakened. [ID:nHKG339295]
