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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.
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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