DJ BASE METALS: Comex Copper Seen 2 Cents Lower At Pit Open
NEW YORK (Dow Jones)--March copper futures are expected to open floor trading
around 2 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, base metals on the London Metal Exchange were modestly
lower Thursday in Europe and traders and analysts said the metal continues to
search for direction with the economic crisis showing no signs of abating.
In other markets that have the potential to impact metals in the short term,
the euro is down to $1.3161 from $1.3190 late Wednesday afternoon. In screen
trading ahead of the pit open, the March S&P 500 futures are down 6.90 points
to 832.90. February crude is up 39 cents to $37.67 in overnight activity.
U.S. economic reports on Thursday include:
- Jan. 10 jobless claims at 8:30 a.m. EST (1330 GMT), expected up 46,000 at
513,000;
- January New York Fed Empire State Survey at 8:30 a.m. EST (1330 GMT), with
the manufacturing index expected -26; - December PPI at 8:30 a.m. EST (1330
GMT), expected -2%;
- January Philadelphia Fed Manufacturing Index at 10 a.m. EST (1500 GMT) with
business activity expected -36.1.
In New York Wednesday, a weak retail sales report sent copper futures lower
along with equities, with the markets remaining uneasy about the health of the
economy as warehouse inventories of the metal keep rising. March copper fell
5.95 cents to settle at $1.4875.
Inventories of copper stored in London Metal Exchange warehouses rose 5,175
metric tons Thursday, leaving them at 387,325. The most recent Comex inventory
data, released late Wednesday, were up 440 short tons at 35,740 short tons.
-By Matt Whittaker, Dow Jones Newswires; 201-938-5959;
matt.whittaker@dowjones.com
