DJ BASE METALS: Comex Copper Seen 10 Cents Higher At Pit Open
By Matt Whittaker
Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--December copper futures are expected to open floor
trading around 10 cents higher Tuesday, based on electronic activity ahead of
the pit session on the Comex division of the New York Mercantile Exchange.
In overnight activity, base metals softened Tuesday but remained within
recent ranges in sideways trading, as market participants awaited the results
of the U.S. elections.
Another substantial increase in copper and aluminum inventories contributed
to the weaker tone, although some support came from a weaker dollar, analysts
said.
In other markets that have the potential to affect metals in the short term,
the euro is up to $1.2834 from $1.2642 late Monday afternoon. In screen trading
ahead of the pit open, the December S&P 500 futures are up 24.60 points to
994.10. December crude is up $1.47 at $65.38 in overnight activity.
U.S. economic reports on Tuesday include September factory orders at 10 a.m.
EST (1500 GMT), with total orders expected down 0.5%.
The U.S. presidential and congressional elections are held Tuesday.
In New York Monday, copper futures managed a slightly higher close despite
pressure from a firming U.S. dollar and continuing inventory builds as many
participants sat on the sidelines ahead of U.S. elections. December copper rose
1.1 cents to settle at $1.84.
Inventories of copper stored in London Metal Exchange warehouses rose 3,725
metric tons Tuesday, leaving them at 241,650. The most recent Comex inventory
data, released late Monday afternoon, were unchanged at 9,891 short tons.
-By Matt Whittaker, Dow Jones Newswires; 201-938-5959;
matt.whittaker@dowjones.com
