Copper prices have posted moderate gains this morning, as the "risk off" mood that settled over global markets early this week may be challenged by Chinese stimulus moves during the overnight session. Asian equities put together a fairly sizable recovery last night, which may have helped to curb the "sell physical commodity" attitude that dominated markets earlier this week. It is also possible that copper will be pressured by a US durable goods release today which is expected to show some moderate weakness.
Asian copper prices did not appear to benefit from overnight easing moves from China, although that cash injection was reportedly the largest ever move by the Chinese central bank. Expectations for a large decline slide in US Durable Goods report later this morning could put pressure on copper prices later in the session, as well as from debt related turmoil in the Euro zone if Spain's new budget is not well received by the market.
*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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