DJ BASE METALS: Comex Copper Seen 2 1/2 Cents Higher At Pit Open
March copper futures are expected to open floor trading around 2 1/2 cents a
pound higher Tuesday, based on electronic activity ahead of the pit session on
the Comex division of the New York Mercantile Exchange.
London copper rose overnight, but traders there described this as little more
than consolidation within the recent range.
In other markets that have the potential to impact metals in the short term,
the euro is up to $1.2857 from $1.2842 late Monday afternoon. In screen trading
ahead of the pit open, the March S&P 500 futures are up 0.10 point to 821.40.
March crude oil is up 18 cents to $40.26 a barrel in overnight activity.
The main U.S. economic report on the calendar Tuesday morning is the
pending-home sales index at 10 a.m. EST (1500 GMT).
In New York Monday, copper futures finished softer as the market continued to
worry about the global economy, but nevertheless was range-bound with activity
limited in London trading due to a snowstorm there. March copper fell 3.75
cents to settle at $1.4310.
Inventories of copper stored in London Metal Exchange warehouses rose 4,100
metric tons Tuesday, leaving them at 495,300. The most recent Comex inventory
data, released late Monday afternoon, were up 1,015 short tons at 41,255 short
tons.
-By Allen Sykora, Dow Jones Newswires; 541-318-8765;
allen.sykora@dowjones.com
