DJ BASE METALS: Comex Copper Seen 3 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 3 cents lower Tuesday, based on electronic activity ahead of the pit
session on the Comex division of the New York Mercantile Exchange.
In overnight activity, base metals extended their slide into a third day
Tuesday, as sentiment weakened following losses in Asian equity markets and
poor economic data. The gloomier mood overshadowed news that China's Guangxi
province is considering stockpiling mineral ores and metals to prop up its
domestic market.
Guangxi's provincial government on Tuesday said it's considering stockpiling
metals along the lines of Yunnan province's plans to buy 1 million metric tons
of base metals.
In other markets that have the potential to impact metals in the short term,
the euro is up to $1.2665 from $1.2609 late Monday afternoon. In screen trading
ahead of the pit open, the December S&P 500 futures are up 14.80 points to
830.60. January crude is up 9 cents to $49.37 in overnight activity.
In New York Tuesday, sharply lower equities markets pressured copper futures
amid continued bearish economic sentiment Monday, but the metal held up better
than stocks and precious metals on news of potential Chinese buying. The
most-active March copper contract fell 1.85 cents to settle at $1.6310.
Inventories of copper stored in London Metal Exchange warehouses rose 1,825
metric tons Tuesday, leaving them at 293,025. The most recent Comex inventory
data, released late Monday afternoon, were unchanged at 16,780.
-By Matt Whittaker, Dow Jones Newswires; 201-938-5959;
matt.whittaker@dowjones.com
