DJ BASE METALS: Comex Copper Seen 3 Cents Higher At Pit Open
May copper futures are expected to open floor trading
around 3 cents higher Wednesday, based on electronic activity ahead of the pit
session on the Comex division of the New York Mercantile Exchange.
In overnight activity, a bounce in global equity markets and potential
inventory withdrawals lifted copper to a seven-day high Wednesday on the London
Metal Exchange.
U.S. economic reports on Wednesday include:
-- January existing home sales at 10 a.m. EST (1500 GMT), with total sales
expected down 0.4% at 4.72 million;
--Feb. 20 oil inventories at 10:30 EST (1530 GMT), with crude oil stocks
expected up 1.2 million.
Inventories of copper stored in London Metal Exchange warehouses rose 1,800
metric tons Wednesday, leaving them at 548,400. Canceled warrants - indicating
metal purchased and waiting to be withdrawn from warehouses - rose over 10,000
tons.
The most recent Comex inventory data, released late Tuesday, were up 206
short tons at 44,158 short tons.
