Copper prices look set to end this week with a sharp sell off, despite seeing a surprising Chinese rate cut and another large weekly decline in Shanghai copper stocks. Many traders feel the copper market can't seem to shift focus away from the prospect of a meltdown in Europe, as well as the prospects for further economic slowing in the US before the US Fed takes fresh easing action. A decline of almost 10% in Asian copper stocks for the week would ordinarily provide support for copper prices but many copper traders continue to fear more slowing in China, more slowing in the US and more economic and financial turmoil in Europe. Copper might see some reaction to McDonald's same-store sales figures early today and to the US Trade Balance release, but neither of those events looks to have the capacity to dramatically improve the overall negative macro- economic vibe. The focus of the copper market today is likely to remain on events in the Euro zone, and to the price action in the US equity markets.
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