A big range down washout in copper prices overnight would seem to put the bear camp in control at the start of the Thursday US trade. Weakness in Asian copper prices last night wasn't surprising considering the wave of negative economic readings from China and Germany. Copper also seems to be pressured by residual EU debt woes, as higher yields in Spanish debt offerings were only partially offset by strong demand for that debt supply. With the Chinese also floating what would seem to be definitively supportive copper import figures overnight and copper prices in the region remaining under pressure, it is clear that copper is tracking the global macro economic slowing picture instead of classic regional copper market fundamentals. In fact, Chinese refined and concentrate imports were up sharply on year ago levels but the trade just wasn't interested in that information. Given a market closure on Friday due to holiday in Shanghai, the trade was presented with weekly copper stocks figures last night. Shanghai copper stocks forged a rise of 6,941 tons last night to break a recent string of weekly declines. LME copper stocks overnight increased by 1,800 tons to stand at 252,150 metric tons.
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