With copper prices remaining weak yesterday in the face of a positive Chinese factory output result, many traders are not surprised to see copper prices reach a fresh new low for the move in the face of a global slump in equities. A "risk-off" vibe during overnight trading has added to the weight already on copper prices, and the Chinese government change is expected to hang over the market for at least another week.
Copper may have found some support from news that Shanghai copper stocks on the week posted a decline of 3,949 tons, and now stand at only 192,761 tons. News of a daily LME copper stocks build of 1,100 tons might have had some negative impact on copper prices, however, as global economic slowing is being feared throughout many physical commodity markets.
*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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