The copper market comes into Thursday's session roughly 9 cents below this week's highs. With the US markets scheduled to see a private survey of job layoffs as well as Jobless Claims figures, the copper market might be looking for clues on the direction of the US economy. There has been talk in the market this week about the idea that copper prices might have become too expensive in the event that global growth begins to cool. In addition to some partially disappointing US data during the last two weeks, the copper market has also been partially weakened by news that a closely watching shipping cost index has continued to slide. It should also be noted that Zambian copper workers overnight agreed to a wage hike of 17%.
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