December copper fell back from yesterday's high during overnight trading, with many traders feel that the market has received little benefit from the strength in equity markets on both sides of the Atlantic or from the gains seen in other metals markets. Shanghai copper prices rose to a new 3 1/2-month high, although some of those gains may be in reaction to yesterday's rally in the US copper market.
Comments by Bank of Japan Governor Shirakawa expressing concern over the Chinese economy may have dampened sentiment for copper so this morning, but the market is likely to take direction from the reception to today's ECB meeting results later on in the day. LME copper stocks fell by 1,825 tonnes, and have fallen now for nine straight sessions and are at their lowest levels since October 24, 2008.
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