March copper is starting off on a weaker footing this morning, which many traders feel may be the result of sagging global macro economic views. While oil prices are showing weakness early in the week, many Asian markets were under pressure because of fears of economic slowing due to relatively high oil prices. The copper market has shown little reaction to lost production in Zambia and to the latest decline with LME copper stocks that are now down to 300,475 tons. Copper may take some price direction from the US Pending Home sales numbers later this morning, especially if the market is truly concerned with the threat of economic slowing in the US as well as around the globe.
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