The copper market posted a new 10-month low during overnight trading but prices have recovered to post moderate gains going into this morning's session. Over the last several years, copper prices have been regarded by many traders to be a good leading indicator of the direction of the global economy. The copper market might be finding some support from favorable Chinese copper market news overnight, as prices in that region are widely expected to rise in the wake of tightening supply ahead. There was little reaction from the copper market towards the news that Rio Tinto was ramping up their 2011 copper production. German PPI during August was down 0.3%, weaker than expectations and may be an early signal of slack industrial copper demand from that nation during the rest of this year.
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