The copper market spent most of the overnight session in negative territory but news of an interest rate cut from India was widely seen to have supported the market. Many traders feel that the copper market was negatively impacted by a softer than expected reading on the US housing market yesterday, and recent weakness in the US and Chinese equity markets may have further eroded copper market sentiment. European and US stock markets are starting out this morning with moderate gains, however, and concern toward Spanish debt has been eased by today's positive reception to their short-term debt auction. With Asian copper prices remaining under pressure, the market might need to see strength in US equities and better than expected US economic data in order to extend this morning's recovery.