DJ BASE METALS: Comex Copper Seen Steady At Pit Open
By Matt Whittaker
Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)-September copper futures are expected to open floor
trading around unchanged Wednesday, based on electronic activity ahead of the
pit session on the Comex division of the New York Mercantile Exchange.
In overnight activity, the base metal complex traded generally higher on the
London Metal Exchange due to economic optimism.
U.S. economic reports on Wednesday include:
-- July ADP National Employment Report at 8:15 a.m. EDT (1215 GMT), with
private payrolls forecast down 350,000;
-- June factory orders at 10 a.m. EDT (1400 GMT), with total orders expected
down 1%;
-- July ISM Non-Manufacturing Composite Index at 10 a.m. EDT (1400 GMT), with
the non-manufacturing PMI expected at 48.2;
-- July 31 Energy Department oil inventories at 10:30 a.m. EDT (1430 GMT),
with crude oil stocks expected up 500,000.
Inventories of copper stored in London Metal Exchange warehouses fell 800
metric tons Wednesday, leaving them at 285,100. The most recent Comex inventory
data, released late Tuesday afternoon, were down 166 short tons at 54,580 short
tons.
-By Matt Whittaker, Dow Jones Newswires; 212-416-2139;
matt.whittaker@dowjones.com
