July copper posted another new low for the move this morning, although the market was able to recover a large portion those overnight losses. Some traders feel that copper saw some month-end profit taking yesterday and again this morning, while other traders feel that a recovery in global equity markets prompted some short-covering in copper this morning. Many Asian copper traders feel that Chinese stimulus efforts, if they are employed, won't markedly improve copper demand patterns, while other copper traders think that European affairs are more than likely capable of offsetting Chinese efforts to stimulate their economy. There was news of a first quarter increase in copper production from the Chilean Escondida mine, which may weigh on copper prices this morning. More than likely, the copper market will take a large measure of direction from the US economic data this morning, especially from the employment-related numbers in front of the critical US jobs report on Friday morning.
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