The copper market rose to a 7-session high overnight and in general, the copper trade was able to sustain that strength in prices. While it is possible that the market found support from fears of a possible mine strike in Peru, some traders feel that the threat of supply losses may not be as important as the outlook for demand. They feel the outlook for the global economy may determine where copper prices are headed and given the massive slide in copper prices over the last two months, it may be possible that copper has already factored in a good measure of slowing with the US economy. Some mining executives yesterday made a suggestion that China should take advantage of significantly cheaper copper prices by replenishing their stocks. LME Copper Stocks were 467,100 tons down 4,625 tons.
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