July copper has started out today's session with moderate losses, as many traders feel that the market received little support from a Chinese PMI number that showed a minor gain over prior readings but failed to meet market expectations. The copper market also showed little reaction to news of a comparatively large daily decline in LME copper exchange stocks overnight, as well as news of an Australian interest rate cut that was likely the result of lingering concerns toward Spain. However, many copper traders will be on the lookout for any signs of easing from the ECB meeting later this week. In addition, some copper traders will be monitoring speeches by Fed officials today for any fresh sign of US easing. News of lower copper production from Xstrata overnight might have provided some support to copper prices, but US data and upcoming Fed dialogue are widely expected to have a larger impact on copper's ultimate price direction today.