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Copper Futures Expected to Open Lower on Monday

Strategic Insights

— 1 min read

New York traders were expecting a quiet Monday for the copper market, as thin holiday conditions and lack of leads from other markets resulted in quiet activity on the London Metal Exchange in Asia. The market was still digesting bearish U.S. economic data, including a soft housing report that hurt copper futures on Friday. As a result, March copper futures were expected to open around 2 cents lower on Monday.

Key Takeaways:

  • The most-active March copper contract was expected to open floor trading around 2 cents lower on Monday, based on electronic activity ahead of the pit session on the Comex division of the New York Mercantile Exchange.
  • Thin holiday conditions and lack of leads from other markets left activity on the London Metal Exchange in Asia very quiet on Monday.
  • The market was still digesting bearish U.S. economic data, including a soft housing report that hurt copper futures on Friday.
  • The November existing home sales report was expected to be released on Monday, with total sales expected to be down 1.2% at 5 million.
  • Inventories of copper stored in London Metal Exchange warehouses fell 900 metric tons on Monday, leaving them at 197,450.
  • The most recent Comex inventory data, released late Friday afternoon, were down 110 short tons at 15,494.

Statistics:

  • March copper futures were expected to open around 2 cents lower on Monday.
  • Thin holiday conditions and lack of leads from other markets resulted in quiet activity on the London Metal Exchange in Asia.
  • Inventories of copper stored in London Metal Exchange warehouses fell 900 metric tons on Monday.
  • The November existing home sales report was expected to be released on Monday, with total sales expected to be down 1.2% at 5 million.
  • The most recent Comex inventory data, released late Friday afternoon, were down 110 short tons at 15,494.
  • The price of March copper declined by 6 cents to settle at $3.0720 on Friday.

Sources:

  • Dow Jones Commodities News via Comtex, December 31, 2007.
  • Matt Whittaker, Dow Jones Newswires, matt.whittaker@dowjones.com, 201-938-5959.

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