Morning Copper Market Report
Fri 25 May 2012 07:36:00 CT
Related Keywords: Metals
Related Keywords: Metals
July copper was able to post moderate gains this morning in reaction to positive Asian copper price action overnight. Some traders feel that Asian copper prices were strengthened by "value hunting" buying that might have been triggered by a substantial weekly decline in Shanghai copper stocks figures. In addition, the copper market may have found support from reports of China's most recent attempt to stimulate their economy with another infrastructure spending project. Reports of poll gains by the Far Left coalition in Greece had little negative impact on the market, perhaps because some copper traders think that an orderly Greek exit from the EU would be the quickest path to get beyond the EU debt contagion crisis. Shanghai copper stocks on the week posted a rather significant decline of 16,325 tons to stand at 157,489 tons, while LME copper stocks last night decreased by 575 tons to stand at 223,500 tons.
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*Disclaimer: The information in the Market Commentaries was obtained from sources believed to be reliable, but we do not guarantee its accuracy. Neither the information nor any opinion expressed therein constitutes a solicitation of the purchase or sale of any futures or options contracts.
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