While the copper market failed to hold a large measure of the initial overnight rally, prices have remained in positive ground to start the new trading week. Copper prices could have been partially undermined by news that a major South American producer lowered its 2012 term premiums to Chinese copper buyers, as some traders feel their actions suggest a fear of lower demand next year. On the other hand, a stronger dollar and weaker equities may be putting pressure on copper and other industrial commodity markets at the start of this morning's trading. LME Copper Stocks were pegged at 405,400 tons for another decline of 2,300 tons and are now at their lowest levels since February 15th. In the face of global recession fears, some traders feel that the copper market does not appear to be overly concerned about tightening physical copper supplies.
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