The copper market posted yet another new low for the move this morning as many traders feel that the fear of recession is the main concern of the market. Surprisingly favorable Japanese auto sales figures were discounted in favor of ongoing Greek debt problems. Copper also received generally favorable demand news from the CEO of a major copper producer, but that news was also discounted in favor of big picture macro-economic slowing fears. In fact, some analysts have expressed doubts that China will rebuild their copper stocks in the near future. The Bank of Japan's Tankan survey of Japanese economic conditions during the third quarter of 2011 was plus 2, in-line with expectations and a move back into positive territory which could indicate stronger upcoming copper demand from that nation. With lower equity markets today, weak data from the US might simply add to the pressure on copper.
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