DJ BASE METALS: Comex Copper Seen 4 Cents Lower At Pit Open
NEW YORK (Dow Jones)--December copper futures are expected to open floor
trading around 4 cents lower Thursday, based on electronic activity ahead of
the pit session on the Comex division of the New York Mercantile Exchange.
Base metals on the London Metal Exchange traded slightly higher in Europe
Thursday but remained near prices held in the past several weeks.
In recent trading in other markets that have the potential to have an impact
on metals in the short term, the euro was up to $1.4719. In screen trading
ahead of the pit open, the December S&P 500 futures were up half a point.
October crude was down 22 cents in overnight activity.
U.S. economic reports on Thursday include:
-August housing starts at 8:30 a.m. EDT (1230 GMT), with total starts
expected up 3.3% at 600,000;
-Sept. 12 jobless claims at 8:30 a.m. EDT (1230 GMT), with weekly claims
expected up 13,000 at 563,000;
-September Philadelphia Fed Manufacturing Index at 10 a.m. EDT (1400 GMT),
with business activity expected at 8.
In New York Wednesday, copper finished higher as it reacted mainly to moves
in outside markets such as the dollar and equities. Most-active December copper
rose 9.15 cents to settle at $2.9365.
Inventories of copper stored in London Metal Exchange warehouses rose 1,825
metric tons Thursday, leaving them at 324,375. The most recent Comex inventory
data, released late Wednesday, were down 36 short tons at 52,938 short tons.
