950812

Comex copper

ends up

despite stock

rises

NEW YORK: Comex copper ended higher despite news of an LME stock rise, but trading remained rangebound on Friday.

Floor traders said there was little activity on Friday to crown a choppy week when the market continued its attempts to break out of its trading range.

"It spent most of the week trying the downside. I would not be at all surprised it will try the upside next week," said a trader.

Active September closed at 136.85 cents a lb, up 0.45 cent a lb, traded 137.70 to 136.60 cents a lb. Volume was low at 3,300 lots at 1300 EDT, an hour before close.

Prudential Securities analyst Bette Raptopoulos noted that COMEX was able to close slightly firmer despite the 5,975-tonne hike in LME copper stocks, and weaker than expected July retail sales figures.

Raptopoulos said LME stocks will probably continue rising for another week or two, after when there will be start of a shift in market sentiment.

In the meantime, "the market could move lower, but when it does, one should go long," Raptopoulos said.-Reuter