The copper market made a new weekly high during overnight trading, and rose to the highest price levels since April 11th. While some traders might suggest that a significant slide in the Dollar and ongoing strike threats are cause for some fresh support for copper prices, other traders feel that this would discount any potential negative impact of a US debt downgrade. In fact, the copper market saw another weekly build in Shanghai copper stocks overnight which many traders feel could dampen any optimism toward upcoming Chinese copper demand. A major credit ratings agency has warned that Spain may receive a downgrade of their sovereign debt, which could have a negative impact on Euro zone industrial copper demand over the rest of this year. LME Copper Stocks were 466,550 tons, down 1,800 tons. Shanghai Deliverable Stocks were 117,067 tons, up 5,021 tons.