The copper market initially managed a minor upside extension on the charts overnight before falling back below last Friday's closing level. Slightly weaker global equity market action, ongoing evidence of slowing in the Euro zone and adverse currency market action would seem to give the bear camp in copper an initial edge. Copper might have seen some support from news of an increase in Japanese copper exports to China for the month of June, but that potentially supportive development appears to have been largely countervailed by slumping global equity market action and a lack of a definitive bid in Asian copper prices overnight. However, as in a number of physical commodity markets, copper might expect to garner some underlying support from looming central bank meetings later this week. However, the copper trade is likely to take some initial direction from regional US Fed manufacturing data early this morning. LME copper stocks declined by 1,225 tons to stand at 249,075 tons. The Commitments of Traders Futures and Options report as of July 24th for Copper showed Non-Commercial traders were net short 13,069 contracts, an increase of 4,782 contracts. The Commercial traders were net long 23,346 contracts, an increase of 6,651 contracts. The Non-reportable traders were net short 10,277 contracts, an increase of 1,869 contracts. Non-Commercial and Non-reportable combined traders held a net short position of 23,346 contracts. This represents an increase of 6,651 contracts in the net short position held by these traders.
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