While copper prices were able to post a fresh new high for the move during overnight trading, the market has since fallen back from those early gains. News that Chinese refined copper consumption continued to rise in the latest annual survey was seen as providing some support for prices, with many traders feeling that the copper market this morning was strengthened from news of an earthquake in Chile that could temporarily threaten the copper supply flow. However, many copper traders are concerned that soaring energy prices are capable of limiting physical and industrial demand during the near future. Other traders feel that recent gains in daily LME copper stocks may be discouraging some would-be buyers of copper, as LME Copper Stocks overnight were pegged at 421,000 tons for another daily gain of 4,175 tons.
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