NEW YORK, Jan 5 - U.S. copper futures tiptoed
into positive territory Tuesday morning, after a steep drop in
U.S. pending home sales dragged the dollar down and an increase
in factory orders bolstered recovery hopes in the manufacturing
sector.For detailed report on global copper markets, click on
[MET/L]* Benchmark copper for March delivery HGH0 edged up 0.75
cent at $3.4135 per lb by 10:44 a.m. EST (1544 GMT) on the New
York Mercantile Exchange's COMEX division.* Range from $3.3820 to $3.4215.* On Monday, COMEX copper rallied to a $3.4290 per lb
session peak, its highest level since August 2008.
* COMEX estimated futures volume at 10,541 lots by 10 a.m.* Copper recovers from earlier profit-taking losses on back
of upbeat data showing new orders at U.S. factories up 1.1
percent in November. [ID:nN04215160]* Factory orders data in line with strong manufacturing
figures in the United States and China on Monday
[ID:nN04236157] [ID:nSGE6030AO] - Bart Melek, Global Commodity
Strategist with BMO Nesbitt Burns in Toronto.* Certainly seems that globally, manufacturing is
rebounding. It's from a low base, but things are improving
quite nicely. - Melek.
* Copper underpinned by dollar drop after other data showed
steep drop in U.S. pending home sales in November.
[ID:nN0548802] [USD/]* Copper upside capped by receding supply threats in Chile
after mining giant Codelco made an improved wage offer to union
workers at its large Chuquicamata complex, in an effort to end
a day-old strike. [ID:nN05261525]* Workers at Altonorte copper smelter lifted a week-long
stoppage on Monday after agreeing to a new wage offer from
owner Xstrata (XTA.L).* Copper stocks in London Metal Exchange warehouses added
another 2,950 tonnes to 505,350 tonnes, their highest level
since March. <0#LME-STOCKS>
* COMEX copper stocks rose by 280 short tons to 99,462
short tons as of Monday.* LME copper for three-month delivery MCU3 last traded at
$7,500 a tonne, unchanged from Monday's kerb close.
(Reporting by Chris Kelly; editing by Jim Marshall)