DJ BASE METALS: Comex Copper Seen 1/2 Cent Higher At Pit Open
DOW JONES NEWSWIRES
March copper futures are expected to open floor trading around a half cent
higher Thursday, based on electronic activity ahead of the pit session on the
Comex division of the New York Mercantile Exchange.
London copper prices were higher overnight on short covering that was
encouraged by the moves in the currency markets, traders there said.
In other markets that have the potential to have an impact on metals in the
short term, the euro is up to $1.3227 from late Wednesday's $1.3022. In screen
trading ahead of the pit open, the December S&P 500 futures are down 11.20
points to 851.65. January crude oil is up $2.28 to $45.80 a barrel in overnight
activity.
U.S. economic data at 8:30 a.m. EST (1330 GMT) Thursday include initial
jobless claims (forecast to rise 24,000 to 533,000) the October trade deficit
(expected to narrow to $52.8 billion) and November import prices (expected to
fall 6%).
In New York Wednesday, short covering gave copper futures a bounce as higher
equities, gold and relatively firm Chinese import data supported the metal, but
declining demand still threatened further downside, analysts said. March copper
rose 5.2 cents, or more than 3.6%, to settle at $1.4955 a pound.
Inventories of copper stored in London Metal Exchange warehouses fell 750
metric tons Thursday, leaving them at 302,850. The most recent Comex inventory
data, released late Wednesday afternoon, were steady at 18,306 short tons.
-By Allen Sykora, Dow Jones Newswires; 541-318-8765;
allen.sykora@dowjones.com
