DJ BASE METALS: Comex Copper Seen 5 Cents Higher At Pit Open
July copper futures are expected to open floor trading
around 5 cents higher Monday, based on electronic activity ahead of the pit
session on the Comex division of the New York Mercantile Exchange.
In overnight activity, copper futures traded on the Shanghai Futures Exchange
settled sharply higher, catching up with the rally in its counterparts on the
London Metals Exchange Friday, even as concerns over a wider impact of the
spread of the H1N1 flu virus persist. Better CLSA China April Purchasing
Managers Index data also boosted the red metal on the exchange, analysts said.
The London Metal Exchange is closed for a public holiday.
U.S. economic reports on Monday include March construction spending and
pending home sales at 10 a.m. EDT (1400 GMT).
In New York Friday, continuing warehouse drawdowns, a slight backwardation, a
softer U.S. dollar and at least some optimism about demand prospects enabled
copper futures to close higher. July copper rose 5.35 cents to settle at
$2.1010.
The most recent Comex inventory data, released Friday afternoon, were
unchanged at 48,056 short tons.
