RTRS: US copper futures edge up in short-covering bounce
U.S. copper futures edged higher at the open on Monday, recouping earlier losses and extending a New Year's rally that saw prices climb nearly 11 percent in two days.
For detailed report on global copper markets, click on [MET/L]
* Copper for March delivery HGH9 was trading up 0.30 cent at $1.4640 a lb by 10:32 a.m. EST (1532 GMT) on the New York Mercantile Exchange's COMEX division.
* The early range from $1.4160 to $1.4980.
* The benchmark March contract is up nearly 15 percent from a most-recent low of $1.2550 -- the contract's lowest point since October 2004 on a continuation basis.
* COMEX estimated volume at 7,422 lots by 10 a.m.
* Copper up in modest short-covering rebound after prices fail to break down below $1.40 - brokers.
* Copper's morning gains buck stronger tone in the dollar, which hit a three-week high against the euro amid expectations of interest rates cuts by major central banks and news of a planned U.S. stimulus package. [USD/]
* U.S. President-elect Barack Obama, seeking as much as $310 billion in tax cuts, is proposing that about 40 percent of the package worth up to $775 billion be in the form of tax breaks. [ID:nN04350872].
* Copper supported by economic data showing a less-than-expected decline in U.S. construction spending. [ID:nN05374612]
* Copper market eyeing a slew of data this week, with U.S. auto sales for December on Monday, November durable goods and factory orders on Tuesday, and December non-farm payrolls on Friday. G7JAN
* Another increase in London Metal Exchange-monitored copper warehouse stock levels added to the overnight price pressure - brokers.
* LME stocks rose by 1,500 tonnes to 342,050 tonnes -- the highest level since February 2004.
* COMEX copper stocks were unchanged at 34,514 short tons as of Friday.
* China will allow tax-free imports of copper, nickel and cobalt concentrate from Feb. 1, as long as the finished products are re-exported, a statement on the Ministry of Commerce's website (www.mofcom.gov.cn) said. [ID:nHKG359954]
* London Metal Exchange copper for three months delivery last traded at $3,240 a tonne from $3,231 on Friday. The session range was from $3,115 to $3,290. (Reporting by Chris Kelly; Editing by John Picinich)
