DJ BASE METALS: Comex Copper Seen 7 Cents Lower At Pit Open
March copper futures are expected to open floor trading
around 7 cents lower Thursday, based on electronic activity ahead of the pit
session on the Comex division of the New York Mercantile Exchange.
In overnight activity, base metals on the London Metal Exchange were trading
lower Thursday with market participants shifting attention back to the bleak
economic outlook after several days of volatile technical trading.
U.S. economic reports on Thursday include:
- Jan. 24 jobless claims at 8:30 a.m. EST (1330 GMT), with weekly jobless
claims expected down 4,000 at 585,000;
- December durable goods at 8:30 a.m. EST (1330 GMT), with total orders
expected down 2%;
- December new home sales at 10 a.m. EST (1500 GMT), with overall sales
expected down 2.9% at 395,000.
Inventories of copper stored in London Metal Exchange warehouses rose 22,750
metric tons on Thursday, leaving them at 477,675. The most recent Comex
inventory data, released late Wednesday, were up 306 short tons at 40,240 short
tons.
-By Matt Whittaker, Dow Jones Newswires; 201-938-5959;
matt.whittaker@dowjones.com
