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US copper ends sharply higher on EU rescue package


NEW YORK, May 10 (Reuters) - U.S. copper futures closed with strong gains on Monday after a $1 trillion emergency package in Europe soothed risk-advserse investors and helped restore confidence in the global recovery. For detailed report on global copper markets, click on * Copper for July delivery rallied 8.35 cents, or nearly 2.7 percent, to settle at $3.2280 per lb on the New York Mercantile Exchange's COMEX division. * Range from $3.1665 to $3.2675. * COMEX estimated copper futures volume at 33,579 lots by 1 p.m. EDT (1700 GMT). Final volume on Friday hit 57,246 lots. * Open interest down 5,059 lots to 132,064 contracts open as of May 7. * Copper up amid improved risk appetite tied to European Union and International Monetary Fund agreement for emergency rescue package of up to 750 billion euros ($1 trillion) to keep Greece's debt crisis from spreading through the euro zone. * Few negative catalysts in place likely to prevent a broad commodity rally - Bart Melek, Global Commodity Strategist with BMO Nesbitt Burns in Toronto. * Copper rally additionally driven by better-than-expected import data from China, the world's leading consumer. * Economically-sensitive copper up in follow-through momentum from Friday data showing U.S. employment grew at its fastest pace in four years in April. * Euro recovery from last week's 14-month low against the dollar underpinning copper's early advance. * London Metal Exchange metal stocks fell by 15,575 tonnes at 489,300 tonnes on Monday. * COMEX copper stocks up 69 short tons to 101,220 short tons as of Friday. * Money managers reduced their net long positions in COMEX copper futures by nearly 7,000 lots in the week ended May 4 - data from the Commodity Futures Trading Commission. * LME copper for three-months delivery closed at $7,120 per tonne from Friday's close at $6,940 per tonne. (Reporting by Chris Kelly; Editing by John Picinich) ((chris.kelly@thomsonreuters.com; +1 646 223 6042; Reuters Messaging: chris.kelly.reuters.com@reuters.net)) For the latest news and prices, click on the codes in brackets: LME overview LME Warehouse stocks Spot gold/silver COMEX copper futures COMEX metals warehouse stocks- N.Y. metals hourly volumes Vols/open interest RELATED NEWS AND OTHER TOPICS Precious metals news All metals news All commodities news Metals diary Ldn Bullion Mkt Assoc Foreign exchange Keywords: MARKETS COPPER/COMEX (For help: Click "Contact Us" in your desk top, click here or call 1-800-738-8377 for Reuters Products and 1-888-463-3383 for Thomson products; For client training: training.americas@thomsonreuters.com ; +1 646-223-5546) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved.

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