The copper market has been able to extend a huge recovery from yesterday's lows but prices have also drifted away from their overnight highs. Some traders suggest that copper prices yesterday were factoring in too much slowing with the lowest prices since last November. Copper prices are expected to benefit from hopes of a supportive Federal Reserve as the market got enough news from the Fed to maintain and extend the rebound from yesterday. Some traders feel the copper market will benefit from the fact that US rates will be held down for an extended period of time. However, seeing Chinese copper imports rise to a 6 month high overnight could be seen as the positive demand news that will support copper prices going forward. Other copper traders expect the market to continue to find support from a lower dollar, which is widely expected in the event that the US Fed returns to quantitative easing again. LME Copper Stocks were 464,025 tons, down 675 tons.
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