While May copper prices have posted sizable gains this morning, the market remains below the prior session's highs. Some traders felt that the market may have found support from news that weekly Shanghai copper stocks avoided a large build this week, while other traders feel that today's US economic numbers will continue to point towards a slow and gradual recovery. A private survey of UK Housing Prices during February was down 0.9%, weaker than expected and may point towards weaker copper usage in UK home construction this year. There are ideas that if US economic numbers come in too strong this morning, they might escalate rate hike fears further and in turn could shift the direction for copper prices back towards the downside. LME Copper Stocks were 425,300 tons, up 1,250 tons. Shanghai Deliverable Stocks were 157,765 tons, down 336 tons.
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