Morning Copper Market Report

Copper prices are weaker today and have given back most of last week's recovery bounce. Some traders feel that what may be cushioning the copper market against a wave of negative macro economic developments is news that Chinese March refined copper imports jumped sharply over year-ago levels. With Chinese copper concentrate imports also up sharply over year-ago levels, and with the positive reception to forecasts for the Chinese manufacturing sector released overnight, there were early expectations for copper prices to start the new trading week by extending last week's gains. Renewed Euro zone debt concerns were fostered by developments in the Netherlands and by the potential for a political change in France, and have turned market sentiment negative during early trading. LME copper stocks showed a decline of 2,300 tons overnight, which puts LME stocks down at 258,850 metric tons.