The copper market saw some initial weakness overnight in the wake of confusing EU news and softer Chinese economic data. However, many traders may see the Chinese economic as a positive factor today, as there is now hope that the Chinese central bank might be moving away from tightening and back toward a pro growth stance. Some traders feel it possible that copper might find some minor support from Zambian strike threats, but that news might be prove to be a secondary factor to EU summit developments. With positive equity market action and with early hopes that something acceptable will be seen from the EU, there may be enough optimism to reduce the risk of major negative price action today. In other words, the worst might be avoided from the Euro zone, but it also seems LME Copper Stocks are now at the lowest levels since January 24th.
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