US copper futures end shade lower after jobs data

Fri Nov 6, 2009 7:27pm GMT
 
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 NEW YORK, Nov 6 (Reuters) - U.S. copper futures ended lower
on Friday, but were able to withstand greater losses sparked by
disappointing employment data that initially slammed commodity
and equity markets alike.
 For detailed report on global copper markets, click on
[MET/L]
 * Copper for December delivery HGZ9 eased 0.45 cent to
settle at $2.9525 a lb on the New York Mercantile Exchange's
COMEX division.
 * Range ran from $2.9250 to $3.0045.
 * COMEX estimated futures volume at 38,962 lots by 1 p.m.
EST (1800 GMT). Final volume on Thursday hit 31,840 lots.
 * Open interest up 1,327 lots to 139,903 contracts open as
of Nov. 5.
 * Copper consolidating within recent range between $2.90
and $3.05, marking time until further direction given from data
or equity markets - Sterling Smith, an analyst for Country
Hedging Inc. in St. Paul, Minnesota.
 * U.S. employers cut 190,000 jobs in October. Unemployment
rose to 10.2 percent. [ID:nN06178752] and [ID:nN06177960]
 * Revised job losses for August and September showing
91,000 fewer jobs were lost than previously expected provide
mild support - Bob Haberkorn, Lind-Waldock senior market
strategist.
 * Copper's steadier price action bucks across-the-board
supply builds in global warehouses.
 * London Metal Exchange (LME) warehouse stocks rose by
5,750 tonnes to 385,575 tonnes on Friday, their highest level
since early May. [LME-STOCKS]
 * Copper stocks in warehouses monitored by the Shanghai
Futures Exchange rose 1,440 tonne, or percent, to 104,275
tonnes, their highest since late April, 2004. [ID:nS06402192]
 * COMEX copper warehouse stocks added another 568 short
tons on Thursday, bringing total warehouse levels to 64,160
short tons. [CMWSU]
 Repair work at BHP Billiton's (BHP.AX) (BLT.L) Olympic Dam
uranium and copper mine in Australia is on track for a
resumption of full production between January and March next
year. [ID:nSYU009008]
 * LME three-month copper MCU3 ends down $40 at $6,490 a
tonne.
 (Reporting by Chris Kelly; Editing by Marguerita Choy)



















 

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