March copper has moved moderately higher this morning, and with the overnight bounce from Tuesday's low appears for many traders to have stabilized above the 420.00 level. A move to a new low for the move in the Dollar this morning along with gains in global equities are widely seen as providing copper with some additional outside market support. The copper market also received some positive analyst price forecasts overnight, but Shanghai copper prices remained weak and were felt to be reacting towards the broad-based weakness with other physical commodities. German Import Prices during December were up 2.3%, higher than expectations and could project higher German industrial copper demand. LME Copper Stocks last night were pegged at 394,700 tons, up 5,625 tons.
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