March copper has moved lower this morning, but was able to reach a new record high during overnight trading. While other metals markets have underperformed during the early part of this week, the copper market was able to post a sharp rally and held onto almost all of those gains. The news of rising copper production from a major Chilean producer for 2010 and 2011 appears for many traders to have made little impact on the market. However, the copper market may be reflecting concerns that production from Australia might be curtailed because of a looming cyclone, as Cyclone Yasi is heading directly for Northeast Australia and is expected to affect areas recovering from flooding earlier in the year. LME Copper Stocks were 393,775 tons, down 150 tons.