Morning Copper Market Report

The copper market came under pressure overnight as Chinese economic stimulus hopes were diminished by news reports, and Asian copper prices quickly responded with a heavy selloff. While the market disappointment with Chinese stimulus hopes could be altered with official dialogue from China, concerns with the debt problems in Europe may not be as easily resolved. In the near term, some traders feel that it could take much stronger than expected US economic data to begin to offset the economic slowing threat from the Euro zone. With a stronger Dollar, slumping physical copper demand expectations and little in the way of serious supply side problems, many traders expect that copper prices will have difficulty climbing back towards yesterday's highs without receiving some positive news out of the Euro zone.