The copper market put together a large rally during overnight trading, managing that action in spite an interest rate hike from India, ongoing political turmoil in the US and with generally weak economic data from the UK and the Euro zone. The copper market may have taken a large amount of direction from Asian trading, but some traders feel that the copper market generally reflects ideas that the US will still produce a debt ceiling deal before the US economic situation creates a problem for the global recovery. The copper market also received negative demand news from Japan overnight, and saw evidence of rising production from a key global copper producer. The copper market could be impacted by a very active slate of US economic data later today, but focus on the US political situation might offset any market reaction to US data. LME Copper Stocks were 469,100 tons down 2,100 tons.
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