Related Keywords: Metals
A large selloff in copper prices early in today's trading has suggested to many traders that fears of global economic slowing remain in place. While Chinese copper prices rose higher during the overnight session, that strength may have been in reaction to positively Chinese data released on Monday. With record high Euro zone unemployment figures released this morning, the US copper market may need to see a positive market reaction for this morning's US data to offset the early pressure on prices. A recent pattern of declining LME copper stocks may be providing some limited support for copper prices, especially with news stories at the end of last week suggesting that Chinese copper stocks might be set to move toward international markets. As in the silver and platinum markets, copper prices may benefit from positively received US economic data, as copper recently may have been hesitant to rise off of the hopes of additional easing action from the Federal Reserve.
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