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 0.2 cent lower Friday, based on electronic activity ahead of the pit
session on the Comex division of the New York Mercantile Exchange.
In overnight activity, base metals were slightly higher in an extremely quiet
session. Profit-taking by shorts contributed to the rebound, which came despite
a stronger dollar and lower crude oil prices. But volumes were low, reflecting
volatility in currency markets and the lack of business as the year-end nears,
traders said.
No major U.S. economic reports are scheduled for Friday.
Inventories of copper stored in London Metal Exchange warehouses rose 215
metric tons Friday, leaving them at 324,300. The most recent Comex inventory
data, released late Thursday afternoon, were up 882 short tons at 25,369 short
tons.
Once-a-week data released on Friday's by the Shanghai Futures Exchange showed
a weekly rise of 1,895 metric tons to 18,192.
-By Matt Whittaker, Dow Jones Newswires; 201-938-5959;
matt.whittaker@dowjones.com
