Copper prices failed to maintain this week's rebound and have fallen back from their recent highs. Concerns over a possible hard landing for the Chinese economy are widely seen as keeping further gains in check and appear to have offset any residual support from this week's Greek debt bailout agreement. Some traders feel that recent forecasts for increased Chinese copper concentrate imports may help to improve overall sentiment for the market. In addition, a trade research group stated that the global refined copper market had a supply deficit of 119,000 tonnes during November. A slumping Dollar this morning is expected to provide some moderate support for copper, but lukewarm US equity markets may limit copper's upside potential. LME copper stocks were 304,875 tons, down 850 tons and at their lowest level since September 2, 2009.
Join the Discussion