Morning Copper Market Report

The copper market has posted moderate gains this morning but the rise off this week's lows has been roughly 7 to 9 cents. Clearly copper found support from hints of coordinated central bank action yesterday but many traders feel the market may need to get fully beyond the Greek election crisis and the latest Spanish banking threat in order to sustain this week's recovery. Copper found additional support from favorable global equities and also because of another weekly decline in Shanghai copper stocks. Shanghai copper stocks declined by 2,278 tons but that news may have been offset by evidence of another daily rise in LME copper stocks. There was talk overnight in the copper market of potential action from G20 central banks and some traders believe at least a portion of coordinated easing action might have already been factored into copper prices.