The copper market was unable to hold overnight gains and has traded back towards unchanged levels this morning. In addition to a large jump in Shanghai copper stocks overnight, the market also saw evidence of record EU joblessness. With copper finishing yesterday under pressure in the wake of much better than expected US data, some traders are suggesting that good US jobs numbers may be already factored into copper prices and it could take a much stronger than expected US payroll increase just to keep copper from sliding lower in price charts. News that Alcoa idled 12% of its production due to low prices might be seen as another issue capable of applying pressure to copper prices today. LME Copper Stocks were 368,125 tons, down 275 tons and are now at the lowest levels since December 23rd of 2010. Weekly Shanghai Deliverable Stocks were 105,258 tons, up 12,039 tons and are now at their highest levels in the past 10 weeks.
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