March copper prices have moved moderately higher this morning, and remain within close proximity to recent all time highs during early Friday morning trading. Yesterday the copper market received news that a major copper producer was prepared to raise copper production during 2011. Some traders feel that news could have undermined prices, if the market wasn't generally convinced that demand is likely to exceed increases in supply. They feel that the copper market may be reflecting evidence of a strong global recovery and may take a US Non-Farm payroll number towards the upper end of the range of expectations to facilitate another range up move in copper prices. A private survey of UK Housing Prices during January was up 0.8%, higher than expectations and may point towards stronger UK copper demand from the Housing sector. LME Copper Stocks were 394,150 tons, down 325 tons. Shanghai Deliverable Stocks earlier in the week were 134,298 tons, up 5,048.
Join the Discussion