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Copper Futures Expected to Open Unchanged on Monday

Strategic Insights

— 1 min read

Copper futures are expected to open trading unchanged on Monday, amidst a holiday season marked by limited trading activity from major participants. The electronic activity ahead of the pit session suggests that copper and other base metals have largely drifted in London trading, influenced by small traders and speculators. Meanwhile, the euro has seen a surge, reaching $1.4301 from $1.4027 late Friday afternoon, which could impact metals markets in the short term. U.S. economic data, including the Dallas Fed's manufacturing outlook survey and the Chicago Fed's Midwest manufacturing index, is scheduled for release on Monday morning.

Key Takeaways:

  • March copper futures are expected to open around unchanged levels on Monday, based on electronic activity ahead of the pit session.
  • Copper and other base metals have largely drifted in London trading, with major traders mostly absent during the holiday season.
  • The euro has risen to $1.4301 from $1.4027 late Friday afternoon, which could impact metals markets.
  • U.S. economic data, including the Dallas Fed's manufacturing outlook survey and the Chicago Fed's Midwest manufacturing index, is scheduled for release on Monday morning.
  • Copper inventories in London Metal Exchange warehouses rose 5,250 metric tons Monday, leaving them at 336,700.
  • The most recent Comex inventory data show an increase of 2,947 short tons at 34,030 short tons.
  • GMAC's efforts to become a bank-holding company and a weaker tone in the U.S. dollar contributed to a rise in copper futures on Friday.
  • The March S&P 500 futures are up 1.30 points to 870.50 in screen trading ahead of the pit open.
  • February crude oil is up $2.53 to $40.24 a barrel in overnight activity.

Statistics:

  • Copper inventories in London Metal Exchange warehouses rose 5,250 metric tons Monday.
  • The most recent Comex inventory data show an increase of 2,947 short tons at 34,030 short tons.
  • The euro has risen to $1.4301 from $1.4027 late Friday afternoon.
  • The March S&P 500 futures are up 1.30 points to 870.50 in screen trading ahead of the pit open.
  • February crude oil is up $2.53 to $40.24 a barrel in overnight activity.

Sources:

  • "Dow Jones Commodities News via Comtex" (Dec 29, 2008)
  • Allen Sykora, Dow Jones Newswires; 541-318-8765; allen.sykora@dowjones.com

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