The copper market came under heavy pressure during overnight trading, with many traders pointing to fresh negative Chinese demand indications as a key negative factor. News headlines out of Asia suggested that an ongoing Chinese credit crackdown has caused some traders to exit their long copper hedges as well as long copper speculative positions, as well as question the future direction of Chinese copper demand. Fears of a stalemate in the Euro zone rescue fund negotiations may have added to pressure on copper prices this morning. There are signs that the copper market may have discounted news that Anglo American reported a decline with their third quarter copper production, as few traders have been surprised to see the copper market discount minor physical supply side news due to the ongoing fear of slowing global demand. LME Copper Stocks were 450,850 tons, down 1,325 tons.
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