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DJ Comex Copper Pre-Open: 170 Pts Up After LME Rebound
Wednesday, January 5, 2005 1:05:56 PM
http://www.osterdowjones.com/

DJ Comex Copper Pre-Open: 170 Pts Up After LME Rebound

NEW YORK(Dow Jones)--Comex March copper futures were called to open around
170 points higher Wednesday at around 136 cents per pound after three-month
copper on the London Metal Exchange rebounded overnight following the heavy
sell off seen Tuesday.

Traders agreed that a price rebound of sorts was not surprising given the
extent of the fallout seen Tuesday when Comex March copper settled more than 13
cents lower.

However, some additional fund liquidation could well be seen over the near
term to prevent an extended drive higher over the short term.

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That said, over the longer run the copper market's sturdy fundamentals of
limited supply and strong demand growth potential should see prices regain a
rising path in due course.
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Comex March copper closed at 134.30 cents Tuesday, down 13.05 cents.

LME warehouse stocks were down 325 metric tons Wednesday at 48,550 tons,
while Comex stocks were down 92 short tons Tuesday at 48,455 short tons.