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Gold/Mining/Energy : Copper - analysis
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To: schzammm who wrote (1219)6/7/2005 9:32:05 AM
From: Stephen O  Read Replies (1) of 2131
 
DJ Comex Copper Pre-Open: 110 Pts Up After LME Turn Higher
NEW YORK (Dow Jones)--Comex July copper futures are called to open 110 points
higher Tuesday at around 157.50 cents per pound after an overnight slip in the
U.S. dollar versus other currencies prompted buying from the speculator and
consumer community on the London Metal Exchange.

Traders said that copper's technical or chart pattern appears robust and may
draw follow-through interest from chart-oriented funds now that all-time highs
are in view for three-month metal on the LME around $3,338 per metric ton and
contract highs of 157.20 cents per pound have been scaled on the Comex.

The weaker tone of the U.S. dollar versus other currencies is also supportive
for copper as it renders dollar-denominated copper cheaper outside the U.S.

As a result, sources agreed that copper's path of least resistance over the
near term likely lies to the upside, and that the 158 cents and 159 cents
levels could be targeted on Comex.

July copper settled Monday at 156.40 cents, up 0.65 cents.

LME warehouse stocks were down 375 metric tons Tuesday at 41,200 tons, while
Comex stocks were down 439 short tons Monday at 20,779 short tons.



- Gavin Maguire, Dow Jones Newswires; 201-938-5947 gavin.maguire@dowjones.com



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