DJ BASE METALS: Comex Copper Seen 6 Cents Lower At Pit Open
DOW JONES NEWSWIRES
March copper futures are expected to open floor trading around 6 cents a
pound lower Tuesday, based on electronic activity ahead of the pit session on
the Comex division of the New York Mercantile Exchange.
London copper prices fell overnight on profit-taking in the wake of Monday's
run-up, traders there said. Rallies tend to be short-lived due to the weak
demand environment, they added.
In other markets that have the potential to impact metals in the short term,
the euro is down to $1.2853 from $1.2958 late Monday afternoon. In screen
trading ahead of the pit open, the December S&P 500 futures are up 3.70 points
to 908.10. January crude oil is up 65 cents $44.36 a barrel in overnight
activity.
On the economic front, the pending-home sales index is scheduled for release
at 11:30 a.m. EST (1630 GMT). The forecast is for a 3.5% decline in October.
In New York Monday, copper futures rose sharply as participants bought back
previously sold positions amid optimism on potential U.S. infrastructure
projects and government aid for the nation's auto industry. Higher equities and
a lower U.S. dollar also helped. March copper rose 12.45 cents, or more than
9%, to settle at $1.4980 a pound.
Inventories of copper stored in London Metal Exchange warehouses rose 1,850
metric tons Tuesday, leaving them at 302,575 tons. The most recent Comex
inventory data, released late Monday afternoon, were steady at 17,113 short
tons.
-By Allen Sykora, Dow Jones Newswires; 541-318-8765;
allen.sykora@dowjones.com
