Morning Copper Market Report 02/04
February 5, 2013 4:43 AM EST
March copper prices made an initial new high for the move during overnight trading, and in the process copper prices reached up to the highest level since October 5th. International copper prices were generally higher during overnight trading, as the copper markets are thought to be upbeat toward upcoming Chinese and global copper demand prospects.
Some traders thought that copper did receive some supportive supply side news over the weekend, from news of a decline in Zambian 2012 copper production. Other traders appear to be taking most of their guidance from the demand side of the equation, such as today's US Factory Orders figures which are forecast to show a modest rise.
*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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