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U.S. copper up sharply at open on EU debt package

NEW YORK, May 10 (Reuters) - U.S. copper futures started the week on solid footing Monday morning, in step with rallies around the globe, after a $1 trillion emergency package to prevent Greece's debt crisis from spreading helped restore global market confidence. For detailed report on global copper markets, click on * Copper for July delivery jumped 8.55 cents, or 2.7 percent, to $3.23 per lb by 10:08 a.m. EDT (1408 GMT) on the New York Mercantile Exchange's COMEX division. * Range $3.1665 to $3.2675. * COMEX estimated volume at 18,109 lots by 10 a.m. * Copper pushing higher on the stabilization package and extremely oversold conditions - MF Global analyst Edward Meir. * The European Union agreed on an emergency loan package on Monday that with IMF support could reach 750 billion euro ($1 trillion) to prevent the spread of a debt crisis within the euro zone. * Big question now is whether rescue package boosts confidence and turns sentiment bullish again so markets can start to react once again to the good underlying economic data, or will market get worried that throwing good money after bad is not the answer - BaseMetals.com analysts. * On Friday, data showed 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. * Copper also buoyed by better-than-expected import data from China, the world's leading consumer. * London Metal Exchange metal stocks fell by 15,575 tonnes to 489,300 tonnes on Monday. * COMEX copper stocks up 69 short tons at 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 at $7,138 per tonne, up from Friday's close at $6,940 per tonne. (Reporting by Chris Kelly; Editing by Walter Bagley) ((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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