The copper market has traded lower this morning, although prices are in relatively close proximity to their recent highs. Some traders have suggested that copper was historically oversold after the large September selloff, and that some measure of recovery action may be expected. US economic numbers today might be a secondary market factor, as many traders look forward to the prospect of a German vote for expanding the Euro zone bailout fund on Thursday. While copper might find some support off potential lost production from Peru due to legal and political wrangling involving a major producer, a lack of definitive direction from Asian copper prices overnight may suggest that the market may need more than higher equity market action to sustain the recovery seen at the beginning of this week.
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