December copper made a huge selloff to start off the new trading week, with prices reaching their lowest levels since November of 2010. Fears of more interest rate tightening in China, a potential debt default in the Euro zone, and more economic slowing in the US are all widely seen as negative factors for With Asian equity markets under noted pressure from ideas that the Peoples Bank of China was poised for even more rate hikes in the near future, there are few positive demand items to start out this week. The market appears to have partially discounted some potentially supportive copper cathode demand predictions from a major copper mining company overnight. The only major US economic number to be released this morning is a private survey of the US Housing market, which is likely to provide direction for copper prices later on during the session.
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