The copper market made an early move higher from positive European developments over the weekend but that support was short-lived as prices have turned lower this morning. Weakness in Shanghai copper prices overnight suggest for many traders that demand concerns from China remain in place. With the market focus on Euro zone debt problems combined with a relatively quiet week for US economic data, further anxiety from the Euro zone over the next few sessions could keep some level of pressure over industrial commodity markets like copper. A private survey of UK housing prices during October was up 1.2%, higher than market forecasts and may indicate stronger copper demand from UK homebuilders.
Join the Discussion