NY precious metals bounce, copper up 5 pct at noon

midsession prices and market updates for precious metals and copper.....

Midsession prices and market updates for precious metals and copper:     GOLD     * Gold for February delivery rises $7.80 to $862.30 an ounce at 12:02 p.m. EST (1702 GMT) on the COMEX division of the New York Mercantile Exchange.     * The range spanned $845.00 to $863.90 an ounce.     * Gold rose in early sessions as the dollar initially weakened after data showed the U.S. unemployment rate surged in December to its highest level in nearly 16 years.     * Bullion gave back some gains as the dollar rallied on relief that non-farm payrolls losses were less than expected. [USD/]     * Firmer price of front-month gold options driven by movement-related buying, indicating a big upward move is imminent - floor traders.

    * Commodity index rebalancing was expected to add selling

pressure to gold and live cattle but will benefit copper and

crude oil - J.P. Morgan. [ID:nN08404422]

    * COMEX estimated 11:00 a.m. EST volume at 64,707 lots,

options turnover at 16,888 contracts.

    * Spot gold was at $857.25 an ounce, up 0.1 percent

from the last trade on Thursday.

    * London afternoon gold fix was set at $847.25 an

ounce.

   

    SILVER

    * March gains 21.3 cents, or 1.9 percent, to $11.310

an ounce following gold’s turnaround.

    * The range was $10.965 to $11.420.

    * COMEX estimated 11:00 a.m. volume at 10,558 lots.

    * Spot silver was quoted at $11.27 an ounce, up 1.7

percent from its previous session close.

    * Silver was fixed in London at $11.22 an ounce.

   

    PLATINUM

    * NYMEX April platinum inches up $1.30 to $995.90 an

ounce, tracking broad-based precious metals’ strength.

    * Spot platinum was quoted at $985.50 an ounce, 0.7

percent lower than its last finish.

   

    PALLADIUM

    * NYMEX March palladium drops $6.15, or 3.1 percent,

to $192.05 an ounce, as the market took a breather after its

this week’s rally.

    * Spot palladium was quoted at $189.50 an ounce, 2.6

percent lower compared with its previous close on Thursday.

   

    COPPER

    * COMEX copper for March delivery jumps 7.50 cents,

or 5 percent, at $1.5540 a lb.

    * The session range from $1.4740 to $1.5625.

    * Copper rally in response to smaller-than-expected drop in

U.S. December payrolls and economic stimulus optimism -

analysts.

    * Copper seeing extended benefit from commodity index

rebalancing.

    * Commodity index rebalancing expected to result in $634

million of buying COMEX copper - J.P. Morgan [ID:nN08404422]

    * Copper gains buck bearish inventory data across all three

exchanges.

    * London Metal Exchange-monitored warehouse stocks surged

5,875 tonnes on Friday to 363,575 tonnes, a level last seen

since January 1994.

    * COMEX copper stocks were up 349 short tons to 35,344

short tons as of Thursday.

    * Copper inventories in warehouses monitored by the

Shanghai Futures Exchange rose 28 percent from the end of last

year. Stockpiles rose to 22,736 tonnes from 17,822 tonnes on

Dec. 30.

    * London Metal Exchange copper for three months delivery

settled up $205 at $3,400 a tonne, near the upper end

of its $3,244 to $3,449.75 trading range.

 

   (Reporting by Frank Tang and Chris Kelly; Editing by David

Gregorio)

 

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