The copper market has come back under pressure this morning, with prices giving back a sizable portion of recent gains. While the recent recovery in the December contract may have run out of steam, stronger global equities and broad-based strength for commodities have helped prices rise well clear of the early October lows. If outside markets turn higher, copper prices will have plenty of room to recover as copper's total value declined by one-third during a period from early August to early October. Beyond the current rebound in equities, some traders feel the key factor for copper remains Chinese demand. China's economic indicators later on this week could decide whether this month's rally has potential to climb back towards the early September highs. If economic sentiment on both sides of the Atlantic can improve this morning, copper prices are likely to extend this rebound.
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