Wednesday, January 20, 2010 4:42:59 PM
Wed Jan 20, 2010 1:34pm EST
NEW YORK, Jan 20 (Reuters) - U.S. copper futures ended down 2.7 percent
on Wednesday after China's tightening monetary policy ignited demand
worries and a stronger dollar dampened sentiment in the metals complex.
For detailed report on global copper markets, click on [MET/L]
* Benchmark copper for March delivery HGH0 lost 9.20 cents, or 2.67
percent, to end at $3.3550 per lb on the New York Mercantile Exchange's
COMEX division.
* Range from $3.47 to $3.3385.
* COMEX estimated futures volume at 27,609 lots by 1:00 p.m. EST (1800
GMT). Final volume on Tuesday at 30,945.
* Open interest grew by 839 lots to 143,012 contracts as of Jan. 19.
* Copper knocked down by China's latest move to tighten monetary policy
by curbing banks lending. [ID:nSGE60J0A8]
* The move may slow economic recovery in the world biggest copper
consumer and cut its demand for commodities - analysts.
* Euro fell to five-month lows against the dollar as Greek bonds
tumbled over worries about the Greek government's finances.
[ID:nN20235725]
* A stronger U.S. currency makes dollar-denominated metals less
attractive for non-U.S. investors.
* Market expects strong Chinese data due on Thursday, which could help
fade worries about demand.
* China's industrial output probably jumped 20 percent, it's fastest
pace since February 2006, in the year to December, a Reuters survey showed.
[ID:nSGE60E01B]
* The biggest threat to industrial metals' prices this year will be
rising inflation and interest rate hikes - analysts. [ID:nLDE60J1AE]
* LME copper for three-month delivery MCU3 ended at $7,375 a tonne,
down $170 from Tuesday's close.
(Reporting by Patricia Velez; Editing by John Picinich)
http://www.reuters.com/article/idUSN2015520100120
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