DJ BASE METALS: Comex Copper Seen 1 Cent 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 1 cent lower 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 traded sideways Monday holding off
pressure from the weaker euro and lower equity markets.
The metals are likely to consolidate until U.S. manufacturing data from the
Institute for Supply Management later in the day, analysts said.
In other markets that have the potential to impact metals in the short term,
the euro is down to $1.2625 from $1.2689 late Friday afternoon. In screen
trading ahead of the pit open, the December S&P 500 futures are down 25.30
points. January crude is down $2.82.
U.S. economic reports on Monday include:
-- November ISM manufacturing index at 10 a.m., EST, (1500 GMT), with the
manufacturing business index expected at 36.5;
-- October construction spending at 10 a.m., EST, (1500 GMT), with new
construction expected down 1%.
In New York Friday, copper futures closed lower in holiday-thinned trading,
pressured by rising inventories and a stronger U.S dollar. March copper fell
4.2 cents to settle at $1.6495.
Inventories of copper stored in London Metal Exchange warehouses fell 450
metric tons Monday, leaving them at 291,200. The most recent Comex inventory
data, released Friday, were unchanged at 16,780 short tons.
-By Matt Whittaker, Dow Jones Newswires; 201-938-5959;
matt.whittaker@dowjones.com
