After a large overnight range and an initial selloff, March copper has recovered a sizable portion of overnight losses. Some traders feel that mixed action from Asian and European stocks provided some initial pressure on copper but that the market may be largely rejecting any really aggressive declines. The market has shown little reaction to news reports of a sharp increase in Japanese November copper exports to China. That news may have been offset by a rise in Shanghai copper stocks at the end of last week, as Shanghai copper stocks were up 3.4% to 82,283 tonnes.
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