Like a number of other physical commodities, copper has started out weak this morning and made an overnight move to a new low for 2012. Shanghai copper prices were softer overnight, and a reduced 2012 private copper price forecast may be a source of additional pressure for the market. In retrospect, many traders were somewhat disappointed with the copper market's reaction to last week's favorable US economic data, which suggests for them that copper may be watching the situation in Europe very closely. Copper prices might have a have a strong reaction to Alcoa's earnings news after that company announced a capacity reduction last week. LME Copper Stocks are at their lowest levels since December 22nd of 2010.