The copper market early today has waffled around both sides of unchanged in the early Friday US action and from a quick glance at the charts one could conclude that copper has lost some upside momentum. Clearly copper has been held back somewhat this week, relative to precious metals markets and other physical commodities and that might be due to the extended Chinese holiday but it should be noted that China still managed to post some fairly positive September auto sales readings this week. In fact, BMW reported a significant leap in sales and monthly Chinese BMW sales are running almost 6,000 units above the US BMW pace. Copper should continue to garner some lift from ongoing talk of Chinese investment into copper producing regions world wide.

In the end, copper has exhibited an industrial commodity focus at times this week and therefore copper probably needs decent US numbers today and it might not benefit today in the event that the numbers are weak enough to prompt more US easing talk.

With the prospect of a technical adjustment in payroll numbers and some estimates for the report seen up around the +150,000 level there is a chance copper could gain today in the face of weakness in precious metals prices.

Daily LME copper stocks decreased by 750 tons this morning to stand at 222,675 tons.

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