DJ BASE METALS: Comex Copper Seen 2 Cents Higher At Pit Open
May copper futures are expected to open floor trading around 2 cents a pound
higher 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 down to $1.3262 from $1.3417 late Monday afternoon. In screen
trading ahead of the pit open, the June S&P 500 futures are down 14.20 points
to 816.60. May crude oil is down 97 cents to $50.08 a barrel in overnight
activity.
No major U.S. government economic reports are due out Tuesday morning. The
minutes of the March Federal Open Market Committee meeting are scheduled for
release at 2 p.m. EDT (1800 GMT).
In New York Monday, profit-taking knocked copper futures down from their
five-month high, with the May futures falling 4.15 cents to settle at $1.9590.
Inventories of copper stored in London Metal Exchange warehouses fell 2,925
metric tons Tuesday, leaving them at 501,900. The most recent Comex inventory
data, released late Monday afternoon, were steady at 47,031 short tons.
