Despite upbeat equity markets in China during the overnight session, December copper prices have started off on a weaker footing this morning. Some traders feel that part of the weakness in copper prices might be the result of news of a reduction in Chinese refined copper imports during the month of October, Other traders feel that part of the weakness in copper prices this morning might be the result of ongoing violence in the Middle East and the failure to get aid payments moving to Greece.
Suggestions from Fed Chairman Bernanke yesterday afternoon that the Federal Reserve lacked the tools to deal with the US going over the fiscal cliff were also felt to be a key negative factor for the copper market going into today's trading. Copper prices might have found support from news that Chinese October copper concentrate imports actually rose by 39% versus year-ago levels.
*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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