The copper market posted a sharp selloff overnight and in the process the market reached the lowest price level since October 12th. Renewed slowing concerns from the Euro zone combined with mixed to slightly disappointing economic readings from China overnight to become the main negative factors for copper prices this morning. The Chinese GDP reading fell for the second quarter in a row while the Chinese Industrial Output data came in stronger than expectations. While copper prices have shown little reaction to physical copper production news lately, Chinese September copper production rising 18% year-on-year may be seen as a negative factor for the market. However, September monthly copper output was slightly weaker than the August output figure, which some traders feel leaves Chinese copper import expectations uncertain at the moment. Today's Chinese copper production news may have been partially offset by news of lower production from mining giant Xstrata in their third quarter earnings results.
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