Copper prices are consolidating near the recent highs, as market sentiment from Asia has generally been positive. Many traders in Asia continue to embrace a positive Chinese economic outlook and that viewpoint might be reinforced by a series of US economic data today that is generally expected to reflect growth. Generally favorable Euro zone debt auctions and a fresh new low for LME warehouse stocks have also been widely seen as positive factors for the copper market. Given the optimism toward Chinese demand, the copper market may find further benefit from news of lower 2012 production from a major global copper producer this week.
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