Morning Copper Market Report

July copper prices traded in a fairly wide range of just over 8 cents during the overnight session, as some traders feel that copper is being impacted by a number of different forces. Copper was initially supported by easing talk from China and also from comments from Fed Regional President Lockhart, but some of the upside strength in copper may have been tempered by news that Chinese implied refined copper demand declined sharply on a month over month basis. However, that news was probably offset by news that Chinese refined copper imports managed a large year over year increase. Given the fact that China in the past has used buffer stocks to cushion their industries against adverse pricing, many traders find it difficult to draw a direct conclusion on monthly supply and demand from China directly from their import/export data.