Copper prices are showing some minor strength this morning, which some traders feel might be the result of positive action with Asian copper prices overnight. Although there are ideas of some type of upcoming liquidity offering from the Chinese central bank during the near future, some traders feel the outlook for the Chinese economy remains suspect. Other traders feel that the US economic outlook this week may have deteriorated and that the Federal Reserve may be close to taking monetary action. The copper market might be finding some residual support from news yesterday of a minimal decline in copper production from Peru during February, as well as from news that Japanese March copper cable shipments rose by almost 6% due to improving demand from their automotive industry. With a lack of top tier US economic data today, the focus of the copper market might be on the direction of US equities and perhaps to a lesser degree on the flow of US corporate earnings.
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