In today's early trading action, December copper prices have been contained within their rather wide price range. Some traders have expected copper to have found support from somewhat favorable Chinese PMI results, especially with the Hong Kong stock index reaching up to a fresh 2012 high overnight. However, other traders have noted that it does not appear that a "risk-on" vibe has fully settled into place in the wake of the Chinese data, perhaps because today's UK economic data highlighted ongoing trouble with that economy.

On the other hand, talk in China was that curbs might be relaxed again on property sales and that some regions might begin to see a resumption of state land sales may be indications that copper demand in China might be set to improve once ahead. In looking ahead at today's activity, many traders may be looking for one or more positively-received US data points to solidify the initial upward trajectory in copper prices, especially since the early price action is US equity markets is sluggish and the metals markets are facing adverse currency market action.

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