July copper futures are expected to open floor trading around 4 cents lower Wednesday, based on electronic activity ahead of the pit session on the Comex division of the New York Mercantile Exchange. In overnight activity, base metals on the London Metal Exchange traded lower in Europe due to risk aversion across the markets, but losses were limited as bullishness on Chinese metal demand supported prices, analysts said. That combined with declining copper stocks and another month of strong import data for copper in China could keep prices trading above $4,000 a metric ton, analysts said. U.S. economic reports on Wednesday include April 17 U.S. Energy Department oil inventories at 10:30 a.m. EDT (1430 GMT), with crude oil stocks expected up 2.5 million barrels. Treasury Secretary Geithner is scheduled to speak on the administration's efforts to address the global recession in Washington. Inventories of copper stored in London Metal Exchange warehouses fell 7,200 metric tons Wednesday, leaving them at 450,100. The most recent Comex inventory data, released late Tuesday, were up 63 short tons at 47,671 short tons.

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