The copper market has been under moderate pressure this morning, although May copper was able to remain above the even number price of $3.90 during overnight trading. While LME copper stocks overnight were down 3,250 tons, the potentially supportive trend of declining supply may have been offset by news that weekly Shanghai copper stocks rose again up to a new 9 1/2 year high. Asian copper prices were not undermined in the wake of the Shanghai copper stocks rise, however, which has lead some traders to suggest that rising Shanghai copper stocks may be a sign that China is re-stocking, instead of being evidence of softer Chinese demand. On the other hand, the overall macro economic vibe this morning has turned negative and there are no major US economic numbers that could potentially improve sentiment.
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