NEW YORK, July 31 (Reuters) - Copper settled up more than 2 percent at 10-month highs in New York on Friday as investors reacted to encouraging second-quarter trends in the U.S. economy and a run-up in Wall Street share prices.
For detailed report on global copper markets, click on [MET/L]
* Copper for September delivery HGU9 ends up 6.10 cents, or 2.4 percent, at $2.6250 a lb on the New York Mercantile Exchange's COMEX division.
* Trading range from $2.5455 to $2.6290 -- which marked a new high since Oct. 3.
* COMEX's estimated volume for all copper futures stood at 22,540 lots by 2:00 p.m EDT (1800 GMT) IZQI.
* Technically, there are few immediate stops for copper and the rally could continue unless economic and geopolitical conditions dictate otherwise -- traders.
* "Looking at the weekly charts, you really don't have a heck of a lot of resistance until you get up to almost $3.00. Technically, if it stays above $2.41, this market is in an uptrend." -- Charles Nedoss, senior account manager and metals analyst at Peak Trading Group in Chicago.
* The U.S. economy contracted at a slower-than-expected pace in the second quarter as the slump in business and residential investment moderated sharply, according to government data on Friday that backed views the recession was winding down. [ID:nN30365410]
* U.S. stocks edged higher on Friday, helped by the quarterly GDP data and an improving outlook for business activity in the U.S. Midwest in July. [.N]
* Copper for three-months delivery MCU3 on the London Metal Exchange closed up $118, or 2 percent, at $5,719 a tonne. During the session, it hit $5,747.75, its highest level since early October.
* LME copper inventories rose 2,825 tonnes to 280,875 tonnes, the highest since mid-June. Stocks of the red metal in LME registered warehouses have been on the rise since mid-July, reversing the trend of consistent falls seen earlier in the year.
* COMEX copper stocks CMWSU fell 476 short tons to 55,196 short tons as of Thursday. (Reporting by Barani Krishnan)
PNA Price at posting:
$2.05 Sentiment: None Disclosure: Not Held
