DJ BASE METALS: Comex Copper Seen Near Steady At Pit Open
By Matt Whittaker
Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)-March copper futures are expected to open floor trading
around 0.3 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 edged higher as the dollar continued to
slide against the euro and Asian and European stocks made gains.
Anticipation that the U.S. big three automakers would succeed in obtaining
financial assistance from the U.S. government also supported prices, traders
said.
U.S. economic reports on Monday include:
-- December NY Fed Empire State Survey at 8:30 a.m. EST (1330 GMT), with the
manufacturing index expected 26.5;
-- November industrial production at 9:15 EST (1415 GMT), expected -0.6%.
The two-day December FOMC meeting begins, with an interest rate decision
expected around 2:15 p.m. EST Tuesday
Inventories of copper stored in London Metal Exchange warehouses rose 8,000
metric tons Monday, leaving them at 314,825. The most recent Comex inventory
data, released late Friday afternoon, were up 1,359 short tons at 19,665 short
tons.
-By Matt Whittaker, Dow Jones Newswires; 201-938-5959;
matt.whittaker@dowjones.com
