RTRS: US copper weakens at open as dollar extends rally
NEW YORK, June 8 (Reuters) - U.S. copper futures steadied at slightly lower levels Monday morning as a weaker tone on Wall Street and an extended rally in the dollar versus the euro weighed on values.
For detailed report on global copper markets, click on [MET/L]
* Copper for July delivery HGN9 was trading down 1.95 cents, or 0.85 percent, at $2.2645 a lb by 10:26 a.m. EDT (1426 GMT) on the New York Mercantile Exchange's COMEX division.
* Morning range from $2.2305 to $2.3085.
* COMEX estimated futures volume at 8,512 lots by 10 a.m.
* Dearth of fundamental news to keep broader base metals complex looking to external factors to determine short term price direction - RBC Capital Markets.
* The euro slumped to a near-two week low against the dollar after ratings agency Standard & Poor's cut Ireland's sovereign credit rating on Monday to AA -- its second downgrade in three months. [USD/]
* A stronger U.S. currency makes dollar-priced metals less attractive to non-U.S. investors.
* Copper down in sympathy with U.S. equity markets - analysts. [.N]
* Last week, surprisingly strong U.S. payrolls data for the month of May helped drive the COMEX copper price to a 7-1/2 month high of $2.3530. [ID:nN04486858]
* London Metal Exchange warehouse stocks shed another 2,125 tonnes on Monday, bringing total warehouse levels to 297,850 tonnes.
* Canceled warrants -- metal set to leave warehouses -- stood at 32,475 tonnes from 34,825 tonnes the previous session.
* COMEX copper stocks CMWSU went up 421 short tons to 57,239 short tons as of Friday.
* Last week, copper warehouse inventories in Shanghai surged 51 percent. [ID:nSP451162]
* May imports of unwrought copper and semi-finished copper production by China, the world's top consumer of the metal, expected to be down from April's all-time record levels as end-user demand wanes. [ID:nHKG15001]
* COMEX copper noncommercial net short position rose to 18,654 lots from 17,712 lots the previous week. Open interest grew to 111,357 lots from 107,631 lots in the previous week. [ID:nN05301278]
* LME copper for three-months delivery MCU3 was last traded at $4,973 a tonne, down $17 from Friday's closing level. (Reporting by Chris Kelly)
