The copper market has moved well below the recent highs in what many traders feel is a result of the surprise rise in Chinese interest rates. Indian copper market action overnight was slightly weaker and while the Chinese holiday is coming to an end, the hike in Chinese rates seems to have ushered in a slight profit taking mentality. Some traders feel that the copper market may have found support from news overnight of a decline in Russian copper exports during 2010, but gains yesterday may have come from fears that Chilean copper supply might be disrupted. German Industrial Output during December was down 1.5%, which was lower than expectations and may project lower German industrial copper demand. A major brokerage firm has suggested that high copper prices might lead to substitution ahead in certain industrial applications. Other traders have suggested that copper prices above $4.60 a pound are unsustainable without more evidence of a growing global economy, or an actual physical supply side disruption. LME Copper Stocks were 392,025 tons, down 1,500 tons.