December copper prices were able to post a fresh new high for the move overnight and while prices have retreated from their highs, copper found some support from a series of Chinese economic numbers as industrial output grew by +9.2%. Some traders felt that a more important revelation might have been that Chinese crude runs reached a new record high daily reading of 9.43 million barrels per day.
While Chinese demand for copper might be uncertain in some trader's minds, copper is likely to find support from a favorable series of US housing numbers over the past three weeks. Other traders feel that the overnight data hasn't resulted in a definitive "risk-on" vibe this morning, which may serve to limit gains in copper and other physical commodity markets. The market saw a 700 ton increase in LME copper stocks overnight, which comes after a rather significant build in those stocks earlier this week.
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