The copper market continues to recover from a 14 month low posted earlier in the week. From the August highs, December copper prices have declined by roughly $1.55 a pound. For some traders, seeing a decline below the psychological $3.00 price level may have hinted that this recent selloff had become overdone. Other traders feel it possible that hints of further US quantitative easing along with hopes for an expanded Euro zone debt plan provided copper with some fresh support. The market might also have been strengthened by news that Chile might see their copper production output trimmed because of power related problems. The market did receive news that some copper production expansion plans in Peru might be delayed, which could be a function of the recent low price of copper! LME Copper Stocks were 474,925 tons down 100 tons.
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