futuresource.com | Futures & Commodities Quotes, Charts, News and Analysis: "High-grade copper futures in New York are called to open around 250 points
higher on Wednesday, said traders.
In London overnight, three-months copper hit a fresh record high of $6,033 a
metric ton on general nervousness about any further supply woes, said traders
there. A strike continues against the La Caridad mine and London Metal Exchange
warehouse stocks fell again. Also, contacts said, demand out of China remains
good.
Comex May copper followed three-months higher in overnight screen trading,
hitting a contract high for the 11th business day in a row, this time at
$2.7485.
In other markets that have the potential to impact metal in the short term,
the euro is near steady at $1.2145, compared to $1.2141 late Tuesday afternoon.
The New York Board of Trade's U.S. dollar index is down 12 ticks to 89.32.
In screen trading ahead of the pit open, the June S&P 500 futures are up 0.70
point to 1,294.70. May crude is down 10 cents to $68.88 in overnight activity.
The main U.S. economic report due out Wednesday is the February trade deficit
at 8:30 a.m. EDT, forecast to narrow to $67.5 billion from $68.51 billion the
prior month. Weekly U.S. Energy Department inventory data - which can influence
crude and thus metals - is due out at 10:30 a.m. EDT.
In New York Tuesday, momentum-based buying and a continuing strike against
Grupo Mexico - causing the company to declare a force majeure - enabled May
copper to settle up 125 points to $2.7215 per pound. A contract high of $2.7380
was hit in overnight activity prior to the pit session.
Inventories of copper in London Metal Exchan"
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