The copper market is showing some initial strength this morning after sliding 14 cents below last week's highs. Asian copper prices were slightly weaker overnight, which suggests for some traders that the copper market in that region was following Monday's weaker US copper prices instead of setting their own fresh course. There does appear to be some rising optimism towards a positive conclusion for the ongoing Greek debt negotiations, but that issue has disappointed the market several times during the past few weeks. Copper prices might be finding some support from news of a decline in 2011 annual copper production from Xstrata, but that report might be considered "old news" by some traders. Copper prices may need to see something definitively positive from private surveys of US consumer confidence and Chicago-area manufacturing in order to offset anticipated declines in a private US home price survey.
