March copper enters the Friday US trading session with moderate gains, although prices have remained well within the recent trading range. While sentiment toward the Euro zone appears to be positive and global equity markets were climbing higher overnight, copper prices have been unable to rise above last week's highs. Shanghai copper prices were under pressure overnight, as the market may have been discouraged by reports that copper stock levels in that region have remained near multi-year highs. The trade also continues to be a little concerned with softer Chinese demand, with that viewpoint more than enough to offset improving sentiment toward the Euro zone. Some traders feel that the copper market may need to see positive follow through in US equities, a stronger Euro and perhaps even solid US economic data in order to lift prices higher. LME copper stocks were reported at 304,875 tons overnight, putting them at their lowest levels since August 2009. It should also be noted that Shanghai copper stocks managed a decline of 1,056 tons for the week, but those stocks remain close to multi-year highs.