DJ BASE METALS: Comex Copper Seen 2 Cents Higher At Pit Open
DOW JONES NEWSWIRES
March copper futures are expected to open floor trading around 2 cents a
pound higher Wednesday, based on electronic activity ahead of the pit session
on the Comex division of the New York Mercantile Exchange.
Copper and most other London base meals are higher due to a combination of
dollar weakness, ongoing producer cuts and short covering, traders there said.
Meanwhile, China imported 217,214 metric tons of copper, copper alloy and
semifinished products in November, down from 231,212 tons in October, according
to preliminary data provided by the General Administration of Customs.
In other markets that have the potential to have an impact on metals in the
short term, the euro is up to $1.2950 from $1.2927 late Tuesday afternoon. In
screen trading ahead of the pit open, the December S&P 500 futures are up 11.40
points to 900.60. January crude oil is up $2.16 to $44.23 a barrel in overnight
activity.
U.S. October wholesale inventories are due at 10 a.m. EST (1500 GMT) and are
forecast to decline 0.2%.
Weekly crude-oil inventories - which have the potential to affect the energy
market and, in turn, metals - are scheduled for release at 10:35 a.m. EST (1535
GMT).
In New York Tuesday, U.S. dollar strength combined with a continued bearish
demand outlook to pressure copper futures, as profit-taking after the previous
session's rally also weighed on the metal. March copper fell 5.45 cents to
$1.4435 a pound.
Inventories of copper stored in London Metal Exchange warehouses rose 1,025
metric tons Wednesday, leaving them at 303,600. The most recent Comex inventory
data, released late Tuesday afternoon, were up 1,193 short tons at 18,306 short
tons.
-By Allen Sykora, Dow Jones Newswires; 541-318-8765;
allen.sykora@dowjones.com
