The copper market has rebounded back to the vicinity of last week's highs in the wake of a "generally" positive tone for global markets during the overnight session. Many traders feel that the markets are reflecting increased confidence towards the situation in the Euro zone, and that the European Central Bank is doing something "behind the scenes" to keep borrowing costs under control. Some traders feel it is possible that copper prices are also finding support today from news of a 30% increase in Chinese July 2012 refined copper import figures, relative to last year's refined copper import figures. Strength in Shanghai stocks overnight probably added to the positive tone in copper prices, as that action seemed to reflect improving sentiment towards the Chinese economy.
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