RTRS: US copper slips on Japan recession news, stock hike
NEW YORK, Nov 17 (Reuters) - U.S. copper futures slid in early business, following prices in overseas markets lower, as investors took the industrial metal down on expectations of protracted demand weakness after a jump in inventory levels and a recession in Japan, analysts said.
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* Copper for December delivery HGZ8 fell 6.05 cents or 3.57 percent to $1.6470 a lb on the New York Mercantile Exchange's COMEX division.
* The early range spanned $1.6805 to $1.7455.
* Copper held above last Wednesday's decline in December futures at $1.57 a lb, its lowest since mid-July 2005.
* COMEX estimated final futures volume on Friday at 17,748 lots.
* Copper fell overnight with a jump in inventory levels and as news that Japan joined the eurozone in reporting a recession indicated economic slowing is spreading.
* A key U.S. manufacturing gauge in New York State tumbled in November to another record low. [nN17448701]
* Dollar weakness kept some support under copper's declines.
* The dollar fell as U.S. manufacturing data showed a slump and as world leaders ended their weekend meeting with few concrete proposals for dealing with the slowdown. [USD/]
* Governments from the 20 leading economies met in Washington over the weekend. They agreed to a raft of steps designed to rescue the global economy from its slowdown, but left much of their plan to individual governments. [ID:nN16483348]
* U.S. stocks opened lower after Japan reported its economy slid into recession and Citigroup (C.N: Quote, Profile, Research, Stock Buzz) said it plans to cut 50,000 jobs. [.N]
* London Metal Exchange-registered warehouse stocks jumped 1,800 tonnes on Monday, raising inventory levels to 275,900 tonnes -- their highest since March 2004. Inventory levels are up more than 38,000 tonnes in November.
* LME copper for three month delivery tumbled to $3,670 per tonne, down from $3,820 a tonne at Friday's close. (Reporting by Carole Vaporean; Editing by John Picinich)