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 Wednesday, based on electronic activity ahead of
the pit session on the Comex division of the New York Mercantile Exchange.
In overnight activity, LME base metals were lower in Europe, weighed by a
drop in equities and concerns about demand in the industrial sector as
warehouse inventories continue to rise.
In other markets that have the potential to affect metals in the short term,
the ICE Futures U.S. dollar index is down 0.402 point, the December S&P 500
futures are down 13.60 points, and December crude is down 23 cents at $54.16.
U.S. economic reports on Wednesday include:
- October housing starts at 8:30 a.m. EST (1330 GMT), with total starts
expected down 4.7% at 779,000;
- October CPI at 8:30 a.m. EST (1330 GMT), expected down 0.8%;
- Nov. 14 oil inventories at 10:35 EST (1535 GMT), with crude oil stocks
expected up 800,000.
In New York Tuesday, copper futures overcame early inventory-related selling
as stock market strength supported the metal and participants bought back
previously sold positions. However, a stronger dollar kept the metal's gains in
check. December copper gained 0.55 cent to settle at $1.6620
Inventories of copper stored in London Metal Exchange warehouses rose 1,475
metric tons Wednesday, leaving them at 280,050. The most recent Comex inventory
data, released late Tuesday afternoon, were unchanged at 11,252 short tons.
-By Matt Whittaker, Dow Jones Newswires; 201-938-5959;
matt.whittaker@dowjones.com
