Copper prices have fallen sharply lower this morning and have given back a large portion of yesterday's recovery. In addition to the disappointing Chinese GDP readings overnight, the copper market has also undermined by news that Chinese copper production in March rose sharply over year-ago levels. In addition, Chinese copper production from January through March rose by almost 10% over year-ago levels, which many traders feel is an additional negative supply/demand news item. While there are some traders who are hoping that the Chinese central bank or the Federal Reserve will eventually start up fresh easing measures in the event that the Chinese or US economy shows definitive economic slowing, other traders do not feel that will provide much support for copper and industrial commodity prices this morning. The US economic report schedule may not have the data to definitively alter early market sentiment and therefore action in equity markets and US financial sector earnings results might provide the key news events of the day for the copper market. Shanghai copper deliverable stocks on the week posted a minimal decline of 265 tons to stand at 221,827 tons, while LME copper stocks showed a daily decline of 1,675 tons and are currently at 266,075 metric tons.
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