The copper market was able to extend this week's rally and in the process the March copper contract climbed up to the highest price level since December 12th. Many traders feel that copper prices continue to find support from an increase in Chinese copper imports during the month of December and it may be possible that Asian copper prices were simply playing some catch up following a big rally in US markets yesterday. However, some traders are now suggesting that huge Chinese copper imports last month might result in lower January Chinese copper imports and even lower imports into and through the upcoming Chinese holidays. Other traders feel it possible that weaker equities and a stronger dollar might prompt some long liquidation later on this morning. To the overnight high, March copper prices have risen as much as 17.85 cents a pound above this week's lows.
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