FS: DJ BASE METALS: Comex Copper Seen 12 Cents Lower At Pit Open
December copper futures are expected to open floor trading around 12 cents a
pound lower Wednesday, based on electronic activity ahead of the pit session on
the Comex division of the New York Mercantile Exchange.
Copper and other base metals fell in London trading overnight as global
equities eased, analysts there said. Concerns about the global economy remain,
they added.
In other markets that have the potential to impact metals in the short term,
the December S&P 500 futures are down 14.90 points to 988.20 in overnight
screen trading. The euro is up to $1.3644 from $1.3619 late Tuesday afternoon.
November crude oil is down $2.93 to $75.70 a barrel in overnight activity.
The U.S. economic calendar picks up Wednesday after a light week so far.
Reports at 8:30 a.m. EDT (1230 GMT) include:
- the September Producer Price Index, forecast to fall 0.4% but with the core
rate excluding food and energy projected up 0.2%;
- September retail sales, expected to fall 0.7% with sales excluding autos
down 0.3%; and
- the New York Federal Reserve's Empire State October manufacturing index,
forecast to fall to a minus 9.5 reading from minus 7.41 in September.
August business inventories, due out at 10 a.m. EDT (1400 GMT), are forecast
to rise 0.6%. Other economic events include a noon EDT (1600 GMT) speaking
appearance by Federal Reserve Chairman Ben Bernanke and the release of the
Fed's Beige Book report at 2 p.m. EDT (1800 GMT).
In New York on Tuesday, copper futures finished higher for the second day in
a row on ideas that stronger equity markets in the early part of the week
portended improved economic prospects and thus demand for the metal, analysts
said. Nevertheless, copper couldn't hang on to its strongest levels as equities
fell back from their early highs. December copper rose 8.20 cents to settle at
$2.3945 per pound.
Inventories of copper stored in London Metal Exchange warehouses fell 175
metric tons Wednesday, leaving them at 211,625. The most recent Comex inventory
data, released late Tuesday afternoon, were down 335 short tons at 9,091 short
tons.
-By Allen Sykora, Dow Jones Newswires; 541-318-8765;
allen.sykora@dowjones.com
