DJ BASE METALS: Comex Copper Seen 6 Cents Lower At Pit Open
NEW YORK (Dow Jones)--March copper futures are expected to open floor trading
around 6 cents lower Tuesday, based on electronic activity ahead of the pit
session on the Comex division of the New York Mercantile Exchange.
In overnight activity, copper on the London Metal Exchange traded lower in
European hours due to profit-taking following the rally driven by speculative
and fund buying at the start of the week.
U.S. economic reports on Tuesday include:
-- November Case-Shiller Home Price Index at 9 a.m. EST (1400 GMT), with the
20-city yearly index expected -18.3%;
-- January Conference Board Consumer Confidence Index at 10 a.m. EST (1500
GMT), with the confidence index expected at 39.
The two-day FOMC meeting begins, with an interest rate decision expected
around 2:15 p.m. EDT (1915 GMT) Wednesday.
Inventories of copper stored in London Metal Exchange warehouses rose 12,375
metric tons Tuesday, leaving them at 451,800. The most recent Comex inventory
data, released late Monday, were up 1,074 short tons at 39,609 short tons.
