The copper market enters the last trading day of the week within the upper portion of this week's trading range, as some traders feel the market may be sensing a slight improvement in overall sentiment and that this week's lows represented an overly negative view on the US economy. In order to sustain this current rebound today may require slightly better than expected US Retail Sales report or another large rally in US equities. The People's Bank of China said that they will use interest rates and the Chinese Yuan to guide that nation's monetary policy, which may lead to stronger copper demand from that nation through the rest of this year. LME Copper Stocks overnight were at 461,775 tons for a decline of 1,375 tons last night. Shanghai Deliverable Copper Stocks for the week were pegged at 120,819 tons, for a gain of 2,619 tons.
Join the Discussion