(07/11) US copper steadies, bucks bearish impact from data

November 07, 2009

U.S. copper futures steadied at
slightly lower levels Friday morning, despite disappointing
employment data that showed the unemployment rate rose above 10
percent for the first time in more than 26 years.
* Copper for December delivery HGZ9 down 1.55 cents at
$2.9415 a lb by 10:45 a.m. EST (1545 GMT) on the New York
Mercantile Exchange's COMEX division.
* Copper holds near unchanged level in sideways
consolidation trade despite weak jobs data - Matthew Zeman,
head of trading with LaSalle Futures Group in Chicago.
Copper's steadier price action bucks across-the-board
supply builds in global warehouses. * London Metal Exchange warehouse stocks rose by 5,750
tonnes to 385,575 tonnes on Friday, their highest level since
early May.
* Copper stocks in warehouses monitored by the Shanghai
Futures Exchange rose 1,440 tonne to 104,275 tonnes, their
highest since late April 2004.
* COMEX copper warehouse stocks added another 568 short
tons on Thursday, bringing total warehouse levels to 64,160
short tons.