The copper market starts the last trading session of the holiday-shortened week with heavy losses. Some traders feel that global equity markets haven't come away from President Obama's speech with an upbeat outlook for the US economy. In addition, the copper market may not have found support from Chinese Industrial Production readings that were released overnight. The Asian copper trade may have had a negative reaction towards news of a 5,500 ton increase in weekly Shanghai copper stocks. A small increase in US initial claims yesterday and signs of slowing from several global trade balance reports yesterday morning may be leaving fears of global economic slowing in place this morning. Many traders feel that the direction of equities is likely to be the most important impact on copper prices today. LME Copper Stocks were 465,225 tons, down 50 tons. Shanghai Deliverable Stocks were 113,300 tons, up 5,510 tons.
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