Monday 29 June 2009

BASE METALS: Comex Copper Seen 1 Cent Higher At Pit Open

BASE METALS: Comex Copper Seen 1 Cent Higher At Pit Open


September copper futures are expected to open floor trading around 1 cent a pound higher Monday, based on electronic activity ahead of the pit session on the Comex division of the New York Mercantile Exchange.

Copper was range-bound in London trading, although it got a slight lift from a 2,950-metric-ton decline in London Metal Exchange warehouse stocks to 267,300.

In other markets that have the potential to impact metals in the short term, the euro is up slightly to $1.4066 from $1.4058 late Friday afternoon. In screen trading ahead of the pit open, the September S&P 500 futures are up 3.40 points to 917.30. August crude oil is up 71 cents to $69.87 a barrel in overnight activity.

U.S. economic reports Monday include the Chicago Fed National Activity Index at 8:30 a.m. EDT (1230 GMT), the Dallas Fed manufacturing outlook survey at 10:30 a.m. EDT (1430 GMT) and the Chicago Fed's Midwest manufacturing index at noon EDT (1600 GMT).

Other major reports this week include the Chicago Purchasing Managers Index and Conference Board's consumer-confidence index on Tuesday, then the ADP employment report, construction spending, pending-home sales and Institute for Supply Management manufacturing index on Wednesday. Thursday will bring weekly jobless claims, the monthly employment report and factory orders.

In New York Friday, copper fell marginally in thin trading as participants squared positions before the weekend and booked some profits as equities faltered. September copper lost 0.7 cent to settle at $2.3090 a pound.

The most recent Comex inventory data, released late Friday afternoon, were up 199 short tons at 59,795 short tons.

-By Allen Sykora, Dow Jones Newswires; 541-318-8765;

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(END) Dow Jones Newswires

June 29, 2009 07:50 ET (11:50 GMT)

Copyright 2009 Dow Jones & Company, Inc.

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