December copper prices have risen more than 3.0% during overnight trading, and reached their highest levels since May 1st. Many traders feel that the current "risk on" market vibe was given a big boost by yesterday's FOMC meeting results, which will extend the Fed's quantitative easing measures until the US jobless rate falls by 0.5% from current levels. Shanghai copper prices posted large gains during the overnight session and were supported by the prospects for upcoming Chinese infrastructure projects and by the Fed's actions yesterday.
This year's copper output from Kazakhstan through the end of August is up 6.9% from the same period in 2011. Weekly Shanghai Deliverable Copper Stocks came in at 156,401 tons, up 5,328. LME Copper Stocks were at 217,175 tons, up 850 tons. The have declined during 14 of the last 20 trading sessions but have now risen for three sessions in a row.
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