The copper market has been able to recover from a fresh new low for the move overnight, but prices have a long way to go in order to trade back towards the recent highs. Some traders feel that a global selloff in equity markets will be difficult for copper to overcome today, particularly with broad market sentiment continuing to deteriorate. A sizable decline with the Shanghai weekly copper stocks figures has presented a slightly positive indication of Chinese demand, but some traders feel that significant pressure on other commodity prices today could overshadow any positive demand-side stories. With copper prices still sitting roughly 15 cents a pound above their August lows, other traders have suggested that copper has yet to factor in a full blown recession vibe. With no major US economic numbers today, copper prices may find it difficult to extend this morning's minor rebound. Austria and the Netherlands are following Finland's lead in seeking collateral for their bailout loans to Greece, which may further dampen industrial demand from the Euro zone during the near future.
LME Copper Stocks were 463,625 tons, up 650 tons. Shanghai Deliverable Stocks were 112,014 tons, down 8,805 tons.