Like the rest of the metals complex, copper prices has been under pressure during overnight trading but have regained some positive traction this morning. Some traders felt that the copper market was initially weakened by a diminishing Chinese demand outlook and uncertainty toward the German EFSF vote. However, a positive result in Germany seems to have provided other traders with a basis for prices to recover from overnight lows. While the trade was somewhat downbeat on the prospect of Chinese demand overnight, the Asian markets heard rumors that China might actually move toward some re-stocking prior to their upcoming holidays. Because of the intense focus on the demand side of the equation, some traders feel that the copper market might discount ongoing supply side threats from a labor situation in Indonesia.
Join the Discussion