The copper market has extended a selloff after yesterday's reversal from record highs, in what has been widely thought to be a negative reaction towards the prospects for more Chinese interest rate increases during the near future. Some traders also see the possibility that the copper market may be taking note of rising exchange stocks. Other traders feel that the copper market may have been disappointed with softer than expected US retail sales numbers yesterday, which they feel could point to lower physical demand levels for copper than were projected around the recent highs. There are also ideas that copper prices have been undermined by the Bank of England's inflation dialogue this morning, which in turn could indicate that the release of the Federal Reserve's Open Market Committee meeting minutes later today will be given some additional attention. LME Copper Stocks were 405,800 tons, up 3,375 tons.
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