DJ BASE METALS: Comex Copper Seen 4 Cents Higher At Pit Open
July copper futures are expected to open floor trading
around 4 cents higher 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 higher
in Europe, spurred by higher equities and U.S. dollar weakness.
In recent trading, the euro was up to $1.3619 from $1.3555 late Monday
afternoon while the June S&P 500 futures were up 5.50 points at 912.60.
U.S. economic reports on Tuesday include April housing starts at 8:30 a.m.
EDT (1230 GMT) with total starts expected up 2% at 520,000.
Inventories of copper stored in London Metal Exchange warehouses fell 4,725
metric tons Tuesday, leaving them at 348,825. The most recent Comex inventory
data, released late Monday, were up 933 short tons at 50,516 short tons.
