DJ MARKET TALK: Copper Selling Continues,Stk Draw Bolsters Floor
Copper futures remain lower on follow-through selling
from Monday's declines, but an inventory draw is bolstering support levels. The
bulls need to hold the $2.02 level for copper's uptrend to remain intact, and
an inventory draw is helping the metal there, says Ralph Preston, senior market
analyst with Heritage West Financial. Inventories of copper stored in LME
warehouses fell 5,025 metric tons Tuesday, leaving them at 457,300. Comex July
copper is down 7.1 cents at $2.0340 a pound, with the day's low at $2.0045.
