DJ BASE METALS: Comex Copper Seen 5 Cents Lower At Pit Open
By Matt Whittaker
Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--March copper futures are expected to open floor trading
around 5 cents lower Friday, 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 drifted lower
Friday in quiet holiday trade as equities fell and the U.S. dollar was stronger
against the euro, while analysts said the metals would continue to fall,
weighed by recession sentiment.
In other markets that have the potential to have an impact on metals in the
short term, the euro is down to $1.2740. In screen trading ahead of the pit
open, the December S&P 500 futures are down 8.3 points. January crude is down
73 cents.
In New York Wednesday, inventory gains and Chinese interest-rate cuts boosted
copper futures despite a slew of bearish economic data. March copper rose 3.75
cents to settle at $1.6915.
Inventories of copper stored in London Metal Exchange warehouses rose 2,925
metric tons Friday, leaving them at 291,650.
Once-a-week data released on Friday's by the Shanghai Futures Exchange showed
a weekly decline of 1,364 metric tons to 16,335.
-By Matt Whittaker, Dow Jones Newswires; 201-938-5959;
matt.whittaker@dowjones.com
