Shanghai copper prices rose for the fourth day in a row last night, as the copper market continues to digest favorable Asian economic sentiment, positive US economic views and some modest measure of European optimism. Some Asian copper traders expect the Chinese central bank to ease their bank reserve requirements again, perhaps during the upcoming Lunar New Year holiday period. There are other trades who have a negative outlook towards copper prices today, due in large part to a world copper surplus forecast of 46,200 tons for January through November of 2011 from a major trade research group released yesterday. Copper has also seen a number of downward price forecast revisions recently, but that news may be taking a back seat to a general improvement in overall global macro economic expectations. Copper may also find some support from hopes that an expansion of the IMF's lending capacity will help to cushion the Euro zone against their ongoing debt crisis.
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