US copper ends up 5 pct on follow-through momentum

U.S. copper futures closed up more than 5 percent Friday, pulled higher by chart-based buying and strength in the broader commodity complex, brokers said.

* Copper for December delivery HGZ8 jumped 8.40 cents, or nearly 5.2 percent, to settle at $1.7225 a lb on the New York Mercantile Exchange's COMEX division.

* The range from $1.6805 to $1.7455.

* On Thursday, the benchmark December contract fell as low as $1.58, the lowest level for a second-position contract on a continuation basis since mid-July 2005.

* Copper up on "good follow-through" momentum from Thursday gains in commodity markets - Altavest Worldwide Trading broker Tom Hartman.

* COMEX estimated futures volume at 16,067 lots by 1 p.m. EST (1800 GMT). Final volume on Thursday reached 21,977 lots.

* Open interest grew by 1,567 lots to 78,845 open contracts as of Nov. 13.

* COMEX copper bullish momentum tied to early strength in overseas equity markets and sharp gains in the broader metals complex - broker.

* Copper strength bucks firmer dollar and sharp losses on Wall Street.

* U.S. stocks fell more than 3 percent on Friday after data showed the 15-nation euro zone was in recession and U.S. retail sales posted a record drop in October.

* The U.S. dollar rose against the euro as fresh evidence of a gloomy economic outlook around the world raised investor demand for safe-haven assets.

* London Metal Exchange-registered warehouse stocks added another 1,475 tonnes on Friday, bringing total stock levels to 274,100 tonnes -- their highest since March 2004. Inventory levels are up more than 36,000 tonnes in November.

* In Shanghai, copper inventories fell 13 percent to 21,496 tonnes in the week ended Thursday from 24,637 tonnes the previous week.

* Spot treatment and refining charges (TC/RCs) paid to Chinese copper smelters have risen 20-40 percent in the past month.

* Net profit at Europe's largest copper miner KGHM KGHM.WA fell 38 percent on tumbling copper prices but came in ahead of market expectations.

* LME copper for three month delivery <MCU3=LX> settled at $3,820 per tonne, after rising as high as $3,868 per tonne, compared to its close of $3,630 a tonne on Thursday.

 



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