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US Copper Hits 4-1/2 mth top, Stalls on Sentiment

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NEW YORK, Sept 17 (Reuters) &ndash;
U.S. copper futures ended up 
after touching a 4-1/2 month peak on Friday, with reassuring 
comments from China's central bank to keep monetary policy 
loose and another sharp drop in London warehouse stocks fueling 
the charge. 
&nbsp;
But momentum stalled and investors locked in profits after 
a worsening U.S. consumer sentiment reading rekindled some 
economic growth jitters. 
&nbsp; 
Copper for December delivery HGZ0 rose 2.85 cents, or 
0.82 percent, to settle at $3.5220 per lb on the COMEX metals 
division of the New York Mercantile Exchange. 
&nbsp;Range from $3.4860 to $3.5525, which marked the highest 
level for the fourth position contract since April 26. 
&nbsp;
For the week, benchmark December contract up over 3 
percent, its biggest gain since late July. 
&nbsp;
COMEX estimated final copper futures volume at 27,027 
lots, in line with Thursday's count at 26,917 lots. IZQI 
&nbsp;
Open interest grew by 1,943 lots to 142,966 contracts as 
of Sept. 16. 
&nbsp;
Copper buoyed by easing fears about tighter Chinese 
monetary policy, which could adversely affect demand prospects 
in the world's biggest metals consumer - analysts.
Copper momentum grounded by data showing U.S. consumer 
sentiment unexpectedly worsened in early September to its 
weakest level in more than a year.
Copper supported by tighter supply/demand balance 
reflected in another large withdrawal in London Metal Exchange 
(LME) copper warehouse stocks, down 2,950 tonnes to 384,200 
tonnes on Friday.&nbsp; 
&nbsp;
Copper inventories in warehouses monitored by the 
Shanghai Futures Exchange rose 0.2 percent from a week earlier 
- exchange data.&nbsp; 
&nbsp;
COMEX copper warehouse stocks down 477 short tons to 
90,372 short tons as of Thursday.
LME copper CMCU3 ended up $20 at $7,720 per tonne, after hitting a 4-1/2 month top at $7,810.
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SMM Survey: China's NPI Output in August 

US Copper Hits 4-1/2 mth top, Stalls on Sentiment | Shanghai Non ferrous Metals

US Copper Hits 4-1/2 mth top, Stalls on Sentiment

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