While copper has shown some positive initial price action during early US trading, some traders feel that upmove may have been partially countervailed by weaker Shanghai copper price action overnight. Other traders have noted that Shanghai copper prices continue to trail US activity instead of leading it, which might suggest that Chinese demand news remains very quiet at the moment. Clearly Copper was supported by the positive market impact from the Greek approval of EU austerity measures. Fear of softer demand continues to discourage some buyers, which might have been given additional credence after last week's big rise in Shanghai copper stocks.
