March copper has continued to move higher this morning, and has reached the highest prices levels since the first week of this year. A weaker Dollar has been widely seen as helping a number of physical commodity markets this morning, but some traders feel that copper may need to see something positive from the US housing Starts and Housing Permits numbers to substantially add to the recent support for the market. Some traders think that the US Housing Permits figure this morning may prove to be the most critical demand factor of the week for the copper market, as Housing Permits tend to be a leading indicator of future economic activity. News that a Chinese metals miner would start a copper mine operation in Peru later this year and that the company would attempt to expand their operations in other areas globally has been seen by some traders as an eventual negative for copper prices, but other traders feel that the focus of the copper market appears to be on the prospect of rising near term demand and not on the prospect of longer term supply potentials. News that LME Copper Stocks overnight were pegged at 381,750 tons for a gain of 3,825 tons may be seen by many traders as a near-term negative factor for the market.
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