DJ BASE METALS: Comex Copper Seen Near Steady At Pit Open
March copper futures are expected to open floor trading around unchanged
levels on Monday, based on electronic activity ahead of the pit session on the
Comex division of the New York Mercantile Exchange.
Copper and other base metals largely drifted in London trading, with major
traders said to be still mostly absent during the holiday season and any moves
prompted by small traders and speculators.
In other markets that have the potential to impact metals in the short term,
the euro is up to $1.4301 from $1.4027 late Friday afternoon. In screen trading
ahead of the pit open, the March S&P 500 futures are up 1.30 points to 870.50.
February crude oil is up $2.53 to $40.24 a barrel in overnight activity.
U.S. economic data on the calendar for Monday morning include the Dallas
Fed's manufacturing outlook survey at 10:30 a.m. EST (1530 GMT) and the Chicago
Fed's Midwest manufacturing index at noon EST (1700 GMT).
Other reports this week include the Chicago Purchasing Managers Index and
Conference Board's consumer-confidence index Tuesday, initial jobless claims on
Wednesday and Institute for Supply Management's manufacturing survey on Friday.
In New York on Friday, copper futures rose with the help of GMAC's efforts to
become a bank-holding company and a weaker tone in the U.S. dollar, analysts
said. March copper rose 2.95 cents to settle at $1.3035 per pound.
Inventories of copper stored in London Metal Exchange warehouses rose 5,250
metric tons Monday, leaving them at 336,700. The most recent Comex inventory
data, released late Friday afternoon, were up 2,947 short tons at 34,030 short
tons.
-By Allen Sykora, Dow Jones Newswires; 541-318-8765;
allen.sykora@dowjones.com
