With another new low for the move during overnight trading action, December copper prices have reached down to their lowest level since September 5th. Asian copper prices were weaker overnight, despite reports of a possible copper concentrate export agreement between a key Russian copper company and China.
Some traders in Asian copper markets are fearful of ongoing uncertainty in China ahead due to their government change at the end of this week. Other traders in the copper market have been somewhat concerned about a general strike in Greece and a vote fresh austerity measures for that country on Wednesday. Most in the market agree that US copper prices might remain choppy and volatile until the US election results are known late Tuesday or early Wednesday.
*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.
Copyright 2012 Thomson Reuters. All rights reserved.
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