DJ BASE METALS: Comex Copper Seen 6 Cents Lower At Pit Open
May copper futures are expected to open floor trading around 6 cents a pound
lower Tuesday, based on electronic activity ahead of the pit session on the
Comex division of the New York Mercantile Exchange.
Copper and other base metals in London fell overnight in response to weaker
European and Asian equities, soft global economic data the last couple of days
and a stronger U.S. dollar, traders said. Meanwhile, London Metal Exchange
warehouse inventories of copper continue to climb.
In other markets that have the potential to impact metals in the short term,
the euro is down to $1.2627 from $1.2805 late Monday afternoon and $1.2862 late
Friday. In screen trading ahead of the pit open, the March S&P 500 futures are
down 16.90 points to 803.30. March crude oil is down 66 cents to $36.85 a
barrel in overnight activity.
U.S. economic data Tuesday begin with the New York Fed's Empire State
manufacturing survey at 8:30 a.m. EST (1330 GMT). The forecast is for a
February reading of minus 24, versus minus 22.2 in January.
The Treasury is scheduled to report on December international capital flows
at 9 a.m. EST (1400 GMT), and the National Association of Home Builders is due
to release its February housing-market index at 1 p.m. EST (1800 GMT).
Other major reports Wednesday include import prices, housing starts,
industrial production and minutes of the Federal Open Market Committee's
January meeting. Thursday brings weekly jobless claims, the Producer Price
Index, Leading Economic Indicators and Philadelphia Fed's manufacturing index,
and the week's list of economic reports ends Friday with the Consumer Price
Index.
In New York on Friday, copper futures ended near steady after quiet trading
ahead of the long U.S. holiday weekend. May copper rose 0.5 cent to settle at
$1.5545 a pound.
Inventories of copper stored in London Metal Exchange warehouses rose 3,100
metric tons Tuesday after climbing by 3,775 metric tons on Monday, leaving them
at 526,425. The most recent Comex inventory data, released late Friday
afternoon, were up 89 short tons at 41,347 short tons.
