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

DOW JONES NEWSWIRES

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

Copper and other London base metals drew year-end short covering that offered some support, but any gains were limited as the demand outlook remains soft due to the poor global economic growth, analysts said.

In other markets that have the potential to impact metals in the short term, the euro is down to $1.3954 from $1.4057 late Tuesday afternoon. In screen trading ahead of the pit open, the March S&P 500 futures are up 3.40 points to 891.60. February crude oil is down $1.59 to $37.44 a barrel in overnight activity.

The main U.S. economic report on the calendar Wednesday is first-time weekly jobless claims at 8:30 a.m. EST (1330 GMT). Expectations are for an 11,000 decline to 575,000.

Weekly energy inventory data - which can affect crude oil, which in turn sometimes dictates direction in metals - are due out at 10:35 a.m. EST (1535 GMT).

In New York Tuesday, copper futures finished marginally higher in light end-of-year book squaring in a market that is sideways but technically remains in a downtrend. March copper rose 0.90 cent to settle at $1.3205 per pound.

Inventories of copper stored in London Metal Exchange warehouses rose 2,425 metric tons Wednesday, leaving them at 339,775. The most recent Comex inventory data, released late Tuesday afternoon, were up 111 short tons at 34,254 short tons.

-By Allen Sykora, Dow Jones Newswires; 541-318-8765; allen.sykora@dowjones.com

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(END) Dow Jones Newswires

December 31, 2008 07:58 ET (12:58 GMT)


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