DJ BASE METALS: Comex Copper Seen 3 Cents Lower At Pit Open
By Matt Whittaker
Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)-December copper futures are expected to open floor
trading around 3 cents lower Monday, based on electronic activity ahead of the
pit session on the Comex division of the New York Mercantile Exchange.
In overnight activity, inventory increases and lower crude oil prices dragged
most base metals lower, offsetting support from a weakening dollar. The stock
increases underlined the surplus threat that metal markets are facing as the
global economy heads towards a recession.
In other markets that have the potential to impact metals in the short term,
the euro is up to $1.2839 from $1.2731 late Friday afternoon. In screen trading
ahead of the pit open, the December S&P 500 futures are up 3.6 points to
970.90. December crude is down 70 cents to $67.11 in overnight activity.
U.S. economic reports on Monday include:
-- October ISM Manufacturing Index at 10 a.m. EST (1500 GMT), with the
manufacturing business index expected at 41.5;
-- September construction spending at 10 a.m. EST (1500 GMT), with new
construction expected down -0.7%.
In New York Friday, a stronger U.S. dollar, follow-through selling and
continuing inventory builds sent copper futures lower. December copper fell
6.15 cents to settle at $1.8290.
Inventories of copper stored in London Metal Exchange warehouses rose 7,275
metric tons Monday, leaving them at 237,925. The most recent Comex inventory
data, released late Friday afternoon, were down 1 short ton at 9,891 short
tons.
-By Matt Whittaker, Dow Jones Newswires; 201-938-5959;
matt.whittaker@dowjones.com
