Morning Copper Market Report

The copper market has come under significant pressure this morning, and has given back a sizable portion of yesterday's rebound. With July copper managing to overcome the negative tone of most physical commodities during yesterday's session, some traders feel it possible that part of today's initial losses in copper may be the market catching up with yesterday's action. With many equity markets under renewed pressure overnight from concern toward Greece, and with US consumer credit rising at the fastest rate for 11 years yesterday afternoon, there may be additional fears of slumping global copper demand. While copper may have found support from favorable Chinese demand indications overnight, a shift in focus back onto European political turmoil and adverse currency market action may be difficult for copper prices to overcome. With global equity markets also under renewed pressure, and with a lack of US economic data today, commentary from upcoming speeches by Fed officials may provide the best opportunity to improve macro economic sentiment.