Farallon Resources Ltd. (fka FRLIF)

[the cork]

Copper 3.1132 - futures end up,
dollar rally saps momentum
Wed May 26, 2010 2:26pm EDT

NEW YORK, May 26 (Reuters) - U.S. copper futures ended up but
below session highs Wednesday as an extended rally in the dollar
against the euro and continued fears over the euro zone's debt crisis
sapped earlier momentum.

For detailed report on global copper markets, click on [MET/L]

* Copper for July delivery HGN0 ended up 3.85 cents at $3.0805
per lb on the New York Mercantile Exchange's COMEX division.

* Range spanned $3.0530 to $3.1185.

* COMEX estimated final copper futures volume at a light 26,862
lots, down from Tuesday's final count at 45,470 lots.

* Open interest up 148 lots to 128,730 contracts open as of May
25.

* Copper up in relief rally from Tuesday test of key support at
$3.00 per lb - Michael Gross, futures analyst with brokers
Optionsellers.com in Florida.

* Market momentum capped by extended dollar rally versus euro
tied to persistent fears about the impact of European debt crisis on
global recovery - traders.

* Euro also hit by concerns about tighter dollar funding
conditions reflected in 10-month high in three-month dollar interbank
rates and surprisingly lackluster German debt auction.
[ID:nLDE64P0VB] [USD/]

* Sentiment boosted by economic data showing surge in U.S.
durable goods orders and new home sales in April. [ID:nN26186476]

* Japan's output of rolled copper products rose nearly 70 percent
in April from a year ago, reflecting Asian demand remained robust.
[ID:nTOE64P00Z]

* London copper stocks <0#LME-STOCKS> dipped 275 tonnes to
479,050 tonnes on Wednesday, down 76,000 tonnes since they began
declining in mid-February.

* COMEX copper stocks increased 116 short tons to 101,358 short
tons as of Tuesday.

* LME copper for three-months delivery CMCU3 closed at $6,779
per tonne, from a close of $6,730 on Tuesday.
(Reporting by Chris Kelly; Editing by John Picinich)

http://www.reuters.com/article/idUSN2651601220100526