Dejavu,again?http://video.yahoo.com/watch/2031524/v8051467*...

Dejavu,again?

http://video.yahoo.com/watch/2031524/v8051467


* Copper up on technical momentum, rally on Wall Street

* Quarter-end profit-taking seen rolling back some gains

* Better-than expected U.S. GDP offsets poor jobs data

(Recasts, updates with New York closing copper prices, adds NEW
YORK to dateline and analyst comments)

By Chris Kelly and Michael Taylor

NEW YORK/LONDON, June 25 (Reuters) - Copper climbed to its
highest level in nearly two weeks on Thursday, driven by strong
technical momentum and economic optimism that helped drive sharp
gains in equities and metals, alike.

Copper for September delivery HGU9 on the New York Mercantile
Exchange's COMEX division rose 3.50 cents to settle at $2.3160 a lb,
after dealing between $2.2450 and $2.3465, its highest level since
June 15.

"When we took out yesterday's high ($2.3020 a lb), that was
significant and we saw more upside interest in the market once that
occurred," said Larry Young, senior trader at Infinity Futures Inc
in Chicago.

"Keep in mind we have the end of the second quarter coming up
next week and have had a really good quarter in terms of the metals,
so I wouldn't be surprised to see prices sell off maybe by tomorrow
or early next week as some funds book profits," he added.

On the London Metal Exchange (LME), copper for three-month
delivery MCU3 closed up $75 at $5,130 a tonne. Earlier, the metal
used in power and construction hit a day's high of $5,145, its
highest since June 15.

"It seems most recently the market has been perhaps responding
more to technical considerations and the dollar," said John Gross,
publisher of the Copper Journal.

The dollar fell against most major currencies on Thursday, as a
rally in U.S. equities reduced the greenback's safe-haven bid,
making dollar-priced commodities more attractive. [USD/]

U.S. shares rallied after data showed a slightly
less-than-expected contraction in the U.S. economy. But other
numbers showed an unexpected rise in U.S. jobless claims. [.N]
[ID:nN25259990] The latest data added to a mixed economic picture
that has recently triggered erratic moves in copper.

"It looks like some new optimism rushing through markets," said
Robin Bhar, an analyst at Calyon. "U.S. stocks have held their
ground pretty well."

"And there's no real sense that there has to be any upward move
in U.S. interest rates," Bhar also said of the positive market
sentiment.

The U.S. Federal Reserve on Wednesday kept interest rates near
zero and signaled there would be no rate hikes any time soon. But
the Fed warned the economy would remain weak for some time.
[ID:nSP419852]