NEW YORK, Dec 8 (Reuters) - U.S. copper futures slipped
more than 1 percent in early business on Tuesday, as global
credit concerns resurfaced and prompted investors to seek
safety in the dollar. For detailed report on global copper markets, click on
[MET/L] * Copper for March delivery HGH0 sank 3.90 cents, or
nearly 1.2 percent, to $3.17 a lb by 10:23 a.m. EST (1523 GMT)
on the New York Mercantile Exchange's COMEX division. * Range from $3.1580 to $3.2450. * Last week, March copper rose to its highest level since
late August 2008 at $3.2750. * COMEX estimated futures volume at 13,620 lots by 10 a.m. * Market sentiment hit by renewed credit concerns after
Fitch downgrades Greece's credit rating - Matthew Zeman, head
of trading with LaSalle Futures Group in Chicago.
[ID:nGEE5B71A1] * Dubai credit issues deepened after rating agency Moody's
downgraded six Dubai-linked issuers. [ID:nGEE5B718F] * Risk aversion weighing copper down and strengthening the
dollar on credit fears - Zeman. [USD/] * On Monday, Federal Reserve Chairman Ben Bernanke said
U.S. economy still faced headwinds and unemployment could stay
high for some time. [ID:nGEE5B702S] * Unexpected 1.8 percent month-on-month decline in German
industrial output providing additional downside pressure -
analysts. [ID:nGEE5B70O7] * Copper supported by labor tension in Chile after workers
at Codelco's massive Chuquicamata mine to halt overtime work
after walking out of wage talks over the weekend.
[ID:nN07179667] * London copper warehouse stocks rose another 750 tonnes to
453,300 tonnes on Tuesday, and stand at their highest level
since April. <0#LME-STOCKS> * COMEX copper warehouse stocks climbed 498 short tons to
89,794 short tons as of Monday. CMWSU * LME's three-month copper MCU3 last traded at $6,945 a
tonne, down $54 from Monday's kerb close.
(Reporting by Chris Kelly; Editing by Lisa Shumaker)