At least in the early trading action today, some traders feel that December copper has not benefited as much from the "risk-on" vibe as the rest of the precious metals markets. Surprisingly, favorable Chinese economic data hasn't given copper prices much of a definitive boost during the overnight session. Other traders have suggested that uncertainty ahead of the government change over in China on November 8th may be holding back copper prices as well.
In addition, residual Euro zone fears may also be partly behind the pattern of copper price weakness during the last month. Copper may also have been weakened by the market's reaction to the FOMC post-meeting statement yesterday, as the Fed didn't appear to be poised to offer up any fresh support for the US economy. Copper might have been pressured by news of a rise in copper production from Anglo-American in their 3rd quarter results.
*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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