DJ BASE METALS: Comex Copper Seen 1 Cent Lower At Pit Open
DOW JONES NEWSWIRES
December copper futures are expected to open floor trading around 1 cent a
pound lower Wednesday, based on electronic activity ahead of the pit session on
the Comex division of the New York Mercantile Exchange.
London copper hit its lowest level since September 2005 as broader market
sentiment continued to pressure the industrial metals, traders there said.
In other markets that have the potential to affect metals in the short term,
the euro is up to $1.2556 from $1.2522 late Tuesday afternoon. In screen
trading ahead of the pit open, the December S&P 500 futures are down 0.60 point
to 892.40. December crude oil is down 81 cents to $58.52 a barrel in overnight
activity.
No major U.S. government reports are scheduled for release Wednesday.
In New York Tuesday, copper futures fell as support from the Chinese stimulus
package gave way to pressure from falling equities, rising inventories, a
stronger dollar and continued worries about the global economy. December copper
fell 10.4 cents to settle at $1.6480 a pound.
Inventories of copper stored in London Metal Exchange warehouses rose 4,625
metric tons Wednesday, leaving them at 270,100. The most recent Comex inventory
data, released late Tuesday afternoon, were steady at 9,891 short tons.
-By Allen Sykora, Dow Jones Newswires; 541-318-8765;
allen.sykora@dowjones.com
