DJ BASE METALS: Comex Copper Seen 7 Cents Lower At Pit Open
By Matt Whittaker
Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--December copper futures are expected to open floor
trading around 7 cents lower Monday, based on electronic activity ahead of the
pit session on the Comex division of the New York Mercantile Exchange.
In overnight activity, disappointment over the G20 summit's failure to
produce coordinated actions renewed pressure on base metals. The absence of any
specific policy measures left markets to focus on the grim economic outlook,
which continues to depress sentiment.
U.S. economic reports on Monday include:
- November New York Fed Empire State Survey at 8:30 a.m. EST (1330 GMT), with
the manufacturing index expected -27;
- October industrial production at 9:15 a.m. EST (1415 GMT), with industrial
production expected +0.4% and capacity utilization expected 76.7.
In New York Friday, copper futures bounced from some of their recent
weakness, lifted by a combination of short covering and bargain hunting.
December copper rose 8.40 cents to settle at $1.7080 per pound.
Inventories of copper stored in London Metal Exchange warehouses rose 1,800
metric tons Monday, leaving them at 275,900. The most recent Comex inventory
data, released late Friday afternoon, were up 173 short tons at 10,064 short
tons.
-By Matt Whittaker, Dow Jones Newswires; 201-938-5959;
matt.whittaker@dowjones.com
