The copper market traded lower early in today's session, but December copper was able to recover and reach the highest price levels since November 7th. With a lack of definitive news flow on copper from China, some traders feel that the copper market has been left to indirectly track US equity market action during today's session. The copper market has not seen concrete developments from the Chinese leadership shift just yet, while other traders feel that it may be difficult for copper prices to climb far above the recent highs without some hint of stimulus flowing from the newly installed Chinese leadership.
Apparently copper was able to find some minor support overnight off of hopes for an EU/Greek debt deal, but copper is also likely to take a lot of direction from the US equity markets. News of soft Euro zone manufacturing data overnight was thought to have prompted some profit taking in copper at the start of the new trading week. Many in the market are hoping that "Cyber Monday" holiday sales figures will provide a measure of fresh macro economic optimism, especially since electronic sales activity on Friday was found to be very strong.
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