While equities are showing some positive action overnight, the copper market has little reaction so far. Shanghai copper prices were slightly higher overnight, that hasn't translated into any support for US copper price this morning. News of lower Zambian copper production for the first 7 months of 2011 along with evidence of lower copper output from Kazakhstan for the first 7 months of this year may provide enough supply side evidence to underpin copper prices during today's session. The copper market will probably take some direction from the Empire State Manufacturing report and a private survey of US housing later today. Nearby copper prices this morning are more that 50 cents a pound below their August 1st highs. LME Copper Stocks were 460,600 tons, down 1,175 tons.
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