DJ BASE METALS: Comex Copper Seen 3 Cents Lower At Pit Open
DOW JONES NEWSWIRES
December copper futures are expected to open floor trading around 3 cents a
pound lower Thursday, based on electronic activity ahead of the pit session on
the Comex division of the New York Mercantile Exchange.
Copper and other base metals fell in London trading during the night as
equity markets weakened and layoffs at European automakers depressed sentiment,
trader said.
In other markets that have the potential to affect metals in the short term,
the euro is up to $1.2558 from $1.2490 late Wednesday afternoon. In screen
trading ahead of the pit open, the December S&P 500 futures are down 6 points
to 805.90. December crude oil is down $1.52 to $52.10 a barrel in overnight
activity.
U.S. economic data Thursday include:
- weekly initial jobless claims at 8:30 a.m. EST (1330 GMT), forecast to be
down 11,000 to 505,000;
- Philadelphia Fed manufacturing index at 10 a.m. EST (1500 GMT) forecast to
be at -38; and
- Conference Board's October Leading Economic Indicators at 10 a.m. EST (1500
GMT), forecast to be down 0.5%.
In New York Wednesday, copper futures fell as inventories continued rising,
housing starts and consumer prices declined and equities markets took a hit.
December copper slid 6.05 cents, or more than 3.6%, to settle at $1.6015 a
pound.
Inventories of copper stored in London Metal Exchange warehouses rose 1,575
metric tons Thursday, leaving them at 281,625. The most recent Comex inventory
data, released late Wednesday afternoon, were up 823 short tons at 12,075 short
tons.
-By Allen Sykora, Dow Jones Newswires; 541-318-8765;
allen.sykora@dowjones.com
