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Wednesday, February 11, 2009

UPDATE

MARKET UP DATE FOR FEB 10

U.S. copper futures ended lower on Tuesday as

disappointment with a U.S. Treasury Department

plan to help the ailing financial sector slammed

the industrial metals and equity markets alike.


* Copper for March delivery HGH9 shed 3.70 cents

to settle at $1.5760 a lb on the New York Mercantile

Exchange's COMEX division.


* Range from $1.5570 to $1.6375.


* COMEX estimated futures volume at 18,595 lots by

12 p.m. EST (1700 GMT). Final volume on Monday hit

28,828 lots.


* Open interest fell by 700 lots to 85,472 contracts

open as of Feb. 9.


* COMEX copper prices weakened after U.S. Treasury

Secretary Timothy Geithner's announcement of a plan

to mop up $500 billion in spoiled assets from the

beleaguered banking system.


* Bill O'Neill, managing partner with Logic Advisors,

said the plan would not have any immediate positive

impact on base metals as it does not provide any

short-term help to the economy.


* COMEX copper prices tracked a sharp slide in

equities, with the Dow Jones industrial average

.DJI sliding more than 4 percent following the

bank bill announcement.

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