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Copper Prices Expected to Open Lower on Monday

Strategic Insights

— 1 min read

New York commodity markets are preparing for a potential downtrend on Monday as March copper futures are expected to open around 9 cents lower. The decline is attributed to a combination of factors, including the waning New Year buying boost, lower equities, and a stronger dollar. This comes after a rally in New York on Friday, where copper futures surged amid short covering and support from higher prices in London.

Key Takeaways:

  • The March copper futures are expected to open around 9 cents lower on Monday, based on electronic activity ahead of the pit session on the Comex division of the New York Mercantile Exchange.
  • The London Metal Exchange (LME) saw base metals decline in Europe, while the euro dropped to $1.3440 from $1.3475 late Friday afternoon.
  • The March S&P 500 futures are down 1.2 points to 884.30, and February crude is down $1.60 to $39.23 in overnight activity.
  • The rally in New York on Friday was led by short covering and support from higher prices in London, with March copper gaining 8.05 cents, or more than 5.4%, to settle at $1.5595.
  • Inventories of copper stored in LME warehouses rose 5,925 metric tons, while Comex inventory data showed a decline of 87 short tons to 35,257 short tons.

Statistics:

  • March copper futures are expected to open around 9 cents lower on Monday.
  • The London Metal Exchange (LME) witnessed a decline in base metals, with a drop in the euro to $1.3440 from $1.3475.
  • The March S&P 500 futures are down 1.2 points to 884.30, and February crude is down $1.60 to $39.23.
  • The rally in New York on Friday saw March copper gain 8.05 cents, or more than 5.4%, to settle at $1.5595.
  • Inventories of copper stored in LME warehouses rose 5,925 metric tons, with Comex inventory data showing a decline of 87 short tons to 35,257 short tons.

Sources:

  • Dow Jones Commodities News via Comtex
  • Comex division of the New York Mercantile Exchange
  • London Metal Exchange (LME)
  • Dow Jones Newswires
  • Matt Whittaker, Dow Jones Newswires
  • Copyright (c) 2009 Dow Jones & Company, Inc.

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