The copper market has recovered a portion of the steep losses seen during Monday's trading session and in the early going this morning, copper appears to be outperforming the gold and silver markets. Some traders feel it possible that news of more Chinese liquidity served to temporarily lift copper prices overnight, but the market may have been negatively impacted by a downward revision in growth forecasts from the IMF early this morning.
The Chinese liquidity injection overnight was reportedly $42 billion, and that amount is likely to provide support to copper prices this morning. Like other commodities, copper is likely to take a lot of direction from US equities, as the US scheduled report slate today, only has 3rd or 4th tier data on the docket. The return of the Chinese from an extended holiday last week hasn't brought about much in the way of fresh copper demand news.
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