Morning Copper Market Report

Copper prices have consolidate near unchanged levels this morning, as many traders feel the market appears to be holding up much better than the rest of the metals complex. Copper prices may have found considerable support from news that Shanghai copper stocks on the week declined by 8,135 tons, especially since the copper market also saw a daily decline of 4,575 tons in LME copper stocks overnight. With a lack of fresh Chinese demand news, the US non farm payroll report is likely to dominate the market today and it could take a relatively strong reading for copper to reverse recent losses. While some traders might attempt to play up the prospect of additional US easing off a patently weak payroll reading, other traders feel that an initial price reaction for copper to a weak US jobs report might lead to a sizable selloff.