DJ BASE METALS: Comex Copper Seen Near Steady At Pit Open
May copper futures are expected to open floor trading around unchanged levels
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 $1.2775 from $1.2693 late Monday afternoon. In screen trading
ahead of the pit open, the March S&P 500 futures are up 6.30 points to 750.10.
April crude oil is up 3 cents to $38.47 a barrel in overnight activity.
U.S. economic events Tuesday include:
- the December Case-Shiller Home Price Index due out at 9 a.m. EST (1400
GMT);
- the Conference Board's February Consumer Confidence Index at 10 a.m. EST
(1500 GMT), forecast to fall to 35.5 from 37.7 the prior month;
- an appearance by Federal Reserve Chairman Ben Bernanke before the Senate
Banking Committee at 10 a.m. EST (1500 GMT); and
- the Richmond Fed's manufacturing index at 10 a.m. EST (1500 GMT).
In New York Monday, copper futures closed modestly higher and nearer the
session low. Short covering was featured on the day, although weaker stock
prices and a stronger U.S. dollar pushed copper down from early-session highs.
May copper ended up 1.80 cents at $1.4510.
Inventories of copper stored in London Metal Exchange warehouses rose 1,950
metric tons Tuesday, leaving them at 546,600. The most recent Comex inventory
data, released late Monday afternoon, were up 1,660 short tons at 43,952 short
tons.
