The copper market has posted strong gains this week, although press coverage overnight may have carried some suggestions that copper prices might have become a little expensive for Chinese buyers who have been away from the market because of the Lunar New Year holiday. During overnight trading, Russia reported a rise in their 2011 copper production and Anglo American also reported a 10% rise in fourth quarter copper production. Some traders feel that copper might need to see something definitively positive from the demand side of the market to offset recent negative supply side news. LME Copper Stocks overnight declined by 2,450 tons, and are currently at 335,425 tons.
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