Morning Copper Market Report

Despite mixed results with equity market action overnight, copper prices in the US have started out on a positive track this morning. In fact, copper prices appear to have overcome negative currency market activity and fresh signs of weakness in European employment readings to climb back toward the prior session's highs. Like gold and silver, copper appears to be garnering some support from hopes of US easing. It is also possible that strength in other physical commodity markets has provided carryover strength for copper ahead of the Fed decision on Wednesday afternoon. Some copper traders have been hesitant to implement fresh positions ahead of potentially critical Chinese official data this evening. However, any market impact from the upcoming Chinese data might be offset by the upcoming FOMC and European Central Bank meetings. In addition to Personal Income and Consumption data from the US this morning, the copper market will also see a potentially critical private home price survey released today.