Morning Copper Market Report 11/26
November 27, 2012 2:30 AM EST
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.
*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.
Most Popular Slideshows
- Kate Middleton’s Mom Accused Of Being A Social Climber, Prince George Not Seen By Relatives
- Prince Harry & Camilla Thurlow Getting Serious, St. Tropez Holiday Before The Prince’s 30th Birthday [PHOTOS]
- Angelina Jolie & Brad Pitt Heads to Malta For New Movie After A Whirlwind French Wedding [PHOTOS]
- Top 5 Richest Tennis Athletes
Join the Conversation
- Australian Stock Market Report – Afternoon August 29, 2014
- Australian Stock Market Report – Midday August 29, 2014
- Global Markets Overview – August 29, 2014
- Australian Stock Market Report – Morning August 29, 2014
- Better Market Your Uranium Someplace Else, Japan Appetite No Longer Huge as Before – Former PM Tells Australia Queensland Premier Campbell Newman
- Sept 19 iPhone 6 Release Date Firms Up as iWatch Rollout Delayed to Jan 2015 – Reports
- Apple iWatch is iPhone 6 Accessory on Sept 19 Release Date: 6 Confirmed Specs & Features
- Apple iOS 8 vs Android 5.0 L: OS Wars Puts Android to Lower while Apple to Higher
- Canada Vs Russia War Erupts Via Twitter on Russia-Not Russia Maps
- James Foley Torture Involves CIA Waterboarding Technique
- North Korea Banker Who Manages Money of Kim Jong-un Defects to Russia With $5 Million
- Malaysia Airlines to Axe 4,000 Employees, Including CEO; Suspends Trading of Shares