The copper market overnight came under some pressure, and in the process the market fell down to their lowest level since July 27th. Many traders were clearly disappointed in the somewhat concerning Chinese official PMI reading, which barely managed to hold above the growth/no growth line of 50.0. Although there is evidence of softening in the Chinese and European economies, the market doesn't seem to expect the US Fed to take action later today. Some traders feel that copper might not be definitively undermined by an on-hold Fed decision, but it might be difficult for copper to come away with a distinctly positive price reaction. Copper might also have been undermined by news of hike in copper production forecasts from Antofagasta overnight. LME copper stocks declined by 200 tons overnight to stand at 248,625 tons.
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