DJ BASE METALS: Comex Copper Seen 5 Cents Higher At Pit Open
May copper futures are expected to open floor trading
around 5 cents higher Thursday, based on electronic activity ahead of the pit
session on the Comex division of the New York Mercantile Exchange.
In overnight activity, copper prices on the London Metal Exchange Thursday
hit a new high for 2009 in Europe in holiday-thinned trade. Market participants
said the rise was driven by speculators, with demand still weak.
U.S. economic reports on Thursday include:
- April 4 jobless claims at 8:30 a.m. EDT (1230 GMT), with weekly jobless
claims expected down 9,000 at 660,000;
- March import prices at 8:30 a.m. EDT (1230 GMT), expected up 1%;
- February trade balance at 8:30 a.m. EDT (1230 GMT), with an expected $36
billion deficit.
Inventories of copper stored in London Metal Exchange warehouses fell 7,425
metric tons Thursday, leaving them at 496,775. The most recent Comex inventory
data, released late Wednesday, were up 128 short tons at 47,245 short tons.
