DJ BASE METALS: Comex Copper Seen 2 Cents Higher At Pit Open
DOW JONES NEWSWIRES
March copper futures are expected to open floor trading around 2 cents a
pound higher Friday, based on electronic activity ahead of the pit session on
the Comex division of the New York Mercantile Exchange.
Copper and other base metals in London initially extended their recent slide
overnight before recovering on higher equities and a fall in the dollar against
the euro, traders there said.
In other markets that have the potential to impact metals in the short term,
the euro is up to $1.2588 from $1.2453 late Thursday afternoon. In screen
trading ahead of the pit open, the December S&P 500 futures are up 22.10 points
to 770.70. December crude oil is up 95 cents to $50.37 a barrel in overnight
activity.
No major U.S. economic reports are on the calendar.
In New York Thursday, the combination of further signs of economic weakness
and continuing builds in exchange warehouse inventories sent copper futures
lower, analysts said. December copper lost 2.60 cents to settle at $1.5755 per
pound.
Inventories of copper stored in London Metal Exchange warehouses rose 1,500
metric tons Friday, leaving them at 283,125. The most recent Comex inventory
data, released late Thursday afternoon, were up 1,727 short tons at 13,802
short tons.
Once-a-week data released on Fridays for the Shanghai Futures Exchange showed
a fall of 3,797 metric tons to 17,699.
-By Allen Sykora, Dow Jones Newswires; 541-318-8765;
allen.sykora@dowjones.com
