DJ BASE METALS: Comex Copper Seen 3 Cents Lower At Pit Open
July copper futures are expected to open floor trading
around 3 cents lower Tuesday, 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 traded up
from last week's close but eased from highs hit in Asia overnight due to
profit-taking.
But market participants said metals could remain well supported this week by
market optimism that the recession may be easing.
Fed Chairman Bernanke is scheduled to testify before Congress in Washington
at 10 a.m. EDT (1400 GMT)
U.S. economic reports on Tuesday include the April ISM Non-Manufacturing
Composite Index at 10 a.m. EDT (1400 GMT), with the non-manufacturing PMI
expected at 42.5.
Inventories of copper stored in London Metal Exchange warehouses fell 3,775
metric tons Tuesday, leaving them at 394,925. The most recent Comex inventory
data, released late Monday, were unchanged at 48,056 short tons.
