US copper futures closed higher on Monday, as the dollar dipped and economic sentiment improved after data showed the US services sector expand in September for the first time since August 2008. Copper for December delivery firmed 4.55 cents, or 1.7 percent, to settle at $2.7270 a lb on the New York Mercantile Exchange's COMEX division.
Range from $2.6530 to $2.7370. COMEX estimated futures volume at a thin 16,850 lots by 1 pm EDT (1700 GMT). Final volume on Friday hit 25,498 lots. Open interest down 1,178 lots at 113,907 contracts open as of October 2.
Volumes lighter than usual due to week-long National Day and Autumn Festival celebrations in China. Economically sensitive copper up in response to data from the Institute for Supply Management showing its non-manufacturing index for September expand to 50.9 compared with 48.4 in August. LME copper for three-month delivery ended up $41 at $5,920 a tonne.
Comments
Comments are closed.