The copper market has found support this morning after this week's high to low slide of roughly 25 cents. Copper may also have been strengthened by remarks from the head of the European Central Bank for a quick implementation of a fully functional Euro zone rescue fund, as well as favorable data from the Housing Permits and from the Jobless Claims report yesterday. Furthermore, the copper market might also be benefiting from news of a decline in both LME and Shanghai copper stocks overnight. LME Copper stocks have now declined for 22 straight days. Some traders have noted that Shanghai copper prices did not rise overnight suggesting the demand outlook from Asia remains soft despite the news of a large decline in Shanghai copper stocks.
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