NEW YORK (TheStreet) -- Base metals are likely to open lower Tuesday on expectations of negative economic data.But they could recover from any losses if the euro continues to show strength against the dollar. Economic data releases lined up for Tuesday include U.S. Consumer Confidence for July, which is expected to come in at 51, lower than 52.9 recorded in the earlier month as the labor market remains weak. Also, the Richmond Fed's Manufacturing Index is estimated to come in at 11 for July, significantly weaker than the reading of 23 for June.
Meanwhile, it is highly likely that today Alcoa ( AA) might sell $1 billion of notes in its biggest offering in two years. The proceeds would be used to repay outstanding debt. Alcoa ended trading at $11.23, close to its resistance of $11.40, after which is technically seen to be crossing $11.56. Its support lies at $11.04. Century Aluminum ( CENX) closed at $10.78 with support and resistance at $10.52 and $11.09, respectively. Kaiser Aluminum ( KALU) closed at $41.26 with support at $40.65 and resistance at $41.61.