Like the rest of the metals complex, copper is finding significant pressure early today and in the process December copper fell down to the lowest price level since September 7th. With noted weakness in Asian copper prices overnight, noted declines in global equity markets and fairly significant weakness in US equities to start, many traders feel that an overall negative environment will keep pressure on copper at the start of Tuesday's US trading action.
Copper failed to see much price reaction to suggestions from Airbus that copper prices might have "bottomed out". In the near term, some traders feel that the copper market appears to be downbeat on Chinese and US demand. That news may have been given additional credence in the wake of news overnight of another monthly decline in Japanese rolled copper output. Other traders expect little in the way of fresh policy changes from China until the 18th Communist Party Congress begins on November 8th.
*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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