July copper prices have extended yesterday's rebound this morning, after posting a high to low decline this month of roughly 40 cents a pound. Copper found moderate support from news overnight that China was providing fresh stimulus to their economy, with a plan to increase domestic consumption levels through a subsidy for energy-efficient appliances. Another news story that has impacted the market this week are suggestions that Chinese copper stocks are moving toward London, which might serve to reduce the copper market's focus on the ebb and flow of the Chinese economy. While Greek concerns remain front and center this morning, the focus of the copper market seems to have shifted toward the situation in the US economy and therefore today's US data could set the tone for the market over the entire trading session.
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