The copper market is showing some initial divergence with the rest of the metals complex, as copper prices have shown little negative reaction to weak Japanese manufacturing data overnight as well as fresh concerns of Chinese economic slowing. In addition, the copper market appears to have discounted the slight setback in US home prices yesterday. Some traders feel that copper may be finding support from a weaker Dollar as well as suggestions from the US Treasury department that China wasn't manipulating their currency. After a series of losses in the Asian copper market recently, a slight recovery in Asian copper prices overnight might be providing support for US copper prices this morning.
Join the Discussion