Copper prices have remained within the prior session's trading range at the start of this trading week. Some traders were surprised that the copper market only found limited support from large gains posted in Shanghai overnight, which in turn may have been a result of fresh labor concerns at an Indonesian mine. The copper market may have been undermined by the latest wave of Chinese tightening, but that story may have been partially offset by news overnight that July copper output from Peru declined 5.6% versus year-ago levels. Tropical Storm Irene has created massive transportation problems and will likely cause increased copper demand from US rebuilding efforts.
Join the Discussion