DJ BASE METALS: Comex Copper Seen 2 Cents Lower At Pit Open
March copper futures are expected to open floor trading around 2 cents a
pound lower Tuesday, based on electronic activity ahead of the pit session on
the Comex division of the New York Mercantile Exchange.
In other markets that have the potential to impact metals in the short term,
the euro is up to $1.4171 from $1.3926 late Monday afternoon. In screen trading
ahead of the pit open, the March S&P 500 futures are up 3.50 points to 874.50.
February crude oil is down 58 cents to $39.44 a barrel in overnight activity.
The market will get several reports Tuesday that will offer further clues on
the U.S. economy. They include the October Case-Shiller Home Price Index at 9
a.m. EST (1400 GMT), the December Chicago Purchasing Managers Index at 9:45
a.m. EST (1445 GMT), and the Conference Board's consumer-confidence index at 10
a.m. EST (1500 GM). Confidence is forecast to uptick to 45.8 from 44.9 in
November.
In New York Monday, copper futures quietly meandered in a narrow range as
holiday trading conditions continued, with the metal inching upward slightly
with the help of a weaker U.S. dollar. March copper settled up 0.80 cent at
$1.3115 per pound.
Inventories of copper stored in London Metal Exchange warehouses rose 650
metric tons Tuesday, leaving them at 337,350. The most recent Comex inventory
data, released late Monday afternoon, were up 113 short tons at 34,143 short
tons.
-By Allen Sykora, Dow Jones Newswires; 541-318-8765;
allen.sykora@dowjones.com
