DJ BASE METALS: Comex Copper Seen 7 Cents Lower At Pit Open
DOW JONES NEWSWIRES
December copper futures are expected to open floor trading around 7 cents a
pound lower Wednesday, based on electronic activity ahead of the pit session on
the Comex division of the New York Mercantile Exchange.
Strength in the dollar but weakness in equities pressured copper and other
base metals in London overnight, traders there said. The steady downward drift
is deterring bargain hunters from stepping back into the market, they added.
In other markets that have the potential to impact metals in the short term,
the euro is down to $1.2845 from $1.3063 late Tuesday afternoon. In screen
trading ahead of the pit open, the December S&P 500 futures are down 28.50
points to 930.80. December crude oil is down $2.70 to $69.48 a barrel in
overnight activity.
No major U.S. government economic reports are on the calendar for Wednesday,
although weekly oil-inventory data is due out at 10:35 a.m. EDT (1435 GMT).
This has the potential to affect energies, which often lead metals.
In New York Tuesday, renewed worries about global demand, particularly from
China after soft economic data Monday, sent December copper 10.95 cents lower
to $2.0070 per pound.
Inventories of copper stored in London Metal Exchange warehouses rose 1,850
metric tons Wednesday, leaving them at 207,750. The most recent Comex inventory
data, released late Tuesday afternoon, were down 242 short tons at 7,923 short
tons.
-By Allen Sykora, Dow Jones Newswires; 541-318-8765;
allen.sykora@dowjones.com
