DJ BASE METALS: Comex Copper Seen 5 Cents Lower At Pit Open
July copper futures are expected to open floor trading
around 5 cents lower Thursday, based on electronic activity ahead of the pit
session on the Comex division of the New York Mercantile Exchange. In overnight
activity, copper fell to a two-week low Thursday as longs continued to sell on
this week's poor economic data.
A stronger dollar and weak equity markets also pressured the metals, which
have slid back into last month's trading ranges.
U.S. economic reports on Thursday include:
- May 9 jobless claims at 8:30 a.m. EDT (1230 GMT), with weekly claims
expected up 10,000 at 611,000;
- April PPI at 8:30 a.m. EDT (1230 GMT), expected up +0.1%.
Inventories of copper stored in London Metal Exchange warehouses fell 3,100
metric tons Thursday, leaving them at 370,650. The most recent Comex inventory
data, released late Wednesday, were up 385 short tons at 49,232 short tons.
