DJ BASE METALS: Comex Copper Seen 11 Cents Higher At Pit Open
By Matt Whittaker
Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)-March copper futures are expected to open floor trading
around 11 cents higher Monday, 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 were higher
in Europe helped by stronger equity markets, but traders and analysts said
given the backdrop of slowing global growth and broader financial market
uncertainty the metals' lows are still to come.
In other markets that have the potential to affect metals in the short term,
the euro is up to $1.2745 from $1.2586 late Friday afternoon. In screen trading
ahead of the pit open, the December S&P 500 futures are up 25.10 points to
817.10. January crude is up $2.08 to $52.01 in overnight activity.
U.S. economic reports on Monday include October existing home sales at 10
a.m. EST (1500 GMT), with total sales expected down 2.9% at 5.03 million.
In New York Friday, copper futures finished near steady after a session in
which they mostly oscillated with moves in the equity market, traders said.
March copper inched down 0.10 cent to settle at $1.5790.
Inventories of copper stored in London Metal Exchange warehouses rose 1,275
metric tons Monday, leaving them at 284,400. The most recent Comex inventory
data, released late Friday afternoon, were unchanged at 13,802 short tons.
-By Matt Whittaker, Dow Jones Newswires; 201-938-5959;
matt.whittaker@dowjones.com
