DJ BASE METALS: Comex Copper Seen 6 Cents Lower At Pit Open
By Matt Whittaker
Of DOW JONES NEWSWIRES
December copper futures are expected to open floor trading around 6 cents
lower 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 on the London Metal Exchange are trading
down weighed by lower equity markets and concerns over slowing global growth as
the boost from China's stimulus package is reversed.
Traders and analysts said in the near term metals will remain weak as even
the plan in China will not help demand for the industrial metals in the coming
months.
In other markets that have the potential to affect metals in the short term,
crude oil is down $2.72 at $59.69 and the ICE Futures U.S. dollar index is up
0.248 point at 86.160.
In New York Monday, copper futures bounced sharply after a Chinese economic
stimulus package boosted sentiment for the metal that has been hard-hit by
global economic worries, but questions about the spending plan quickly pared
the metal's gains. December copper rose 5.5 cents to settle at $1.7520.
Inventories of copper stored in London Metal Exchange warehouses rose 4,625
metric tons Tuesday, leaving them at 265,475. 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
