December copper prices have posted moderate gains this morning and have risen to their highest levels since early May. Today's German ESM court ruling was widely seen to have given a clear boost to commodity risk sentiment, and has provided solid support throughout the metals markets. A plunging Dollar as well as moderate strength in European and US equity markets are also expected to provide an additional boost to copper prices this morning. Shanghai copper prices were higher during the overnight session, as that market continues to find strength from China's infrastructure announcements last week. A major global copper producer reduced its 2012 output forecast, due in large part to delays at a facility in Saudi Arabia.
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