December copper posted large gains during overnight trading, with prices reaching their highest levels since mid-May. Shanghai copper prices reached a new 3-month high, with many traders pointing to news that China approved 1-trillion-yuan worth of infrastructure projects this week as a key supportive factor for the market. Sharp gains in Asian equity markets in reaction to yesterday's ECB meeting results and a slide in the Dollar down to a new 3 1/2-month low were also widely seen as positive factors for copper.
Shanghai Deliverable Stocks were at 151,073 tons, down 6,992 tons for the week. They have declined 13 of the last 20 weeks, and have reached their lowest levels since June. LME Copper Stocks were 215,950 tons, up 2,725 tons which was their first daily increase in the past ten sessions. However, they have declined 17 of the last 20 days and remain close to their lowest levels since October of 2008.
*Disclaimer: The information in the Market Commentaries was obtained from sources believed to be reliable, but we do not guarantee its accuracy. Neither the information nor any opinion expressed therein constitutes a solicitation of the purchase or sale of any futures or options contracts.
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