After a sizable daily trading range yesterday, copper prices have headed lower early in today's session. Some traders feel that copper prices are under some measure of fresh pressure because of a very large rise in Asian copper stocks of 18,967 tons, as that magnitude of increase may be sizable enough to get the attention of the global copper market.
The copper market also saw news that some Chinese companies were poised to reduce their copper purchases in 2013. A number of physical commodity markets have started out under noted pressure today, even though US stocks were higher and the dollar was slightly weaker. LME copper stocks declines by 3,650 tons overnight, which some traders feel might offset some of the negative impact from the sharp jump in Asian copper stocks.
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