The copper market starts Thursday morning with prices inside the two prior session's trading range. Some traders have been surprised that copper prices have shown little reaction to the noted weakness in global equities, a rising US Dollar and some US economic data that has come in much weaker than expected.
With overnight price action in Shanghai leaving copper prices weaker, the Dollar posting moderate gains to start the session, the threat of lost copper supply from a Chilean labor issue has also created little price reaction. Euro zone Economic Sentiment during July was 103.2, lower than projections and could lead to lower Euro zone industrial copper demand through the balance 2011. LME Copper Stocks were 468,350 tons, down 1,450 tons.