Morning Copper Market Report
Mon 15 Jul 2013 07:18:14 CT
Some traders felt that the copper market was apparently discouraged by Chinese economic news overnight, as copper prices during this morning's early action were trading as much as 7 cents a pound below last week's highs. In retrospect, the Chinese data might have left many questions in place toward the Chinese economy, as the market wasn't able to rekindle hope of fresh easing action from the Chinese central bank in the wake of that nation's overnight data flows.
Other traders felt that copper might also be somewhat undermined by suggestions from the US Fed late on Friday, which hinted at tapering before the end of this year. News of another daily decline in LME copper exchange stocks leaves that recent trend intact, as they have fallen for 7 straight sessions and during 13 of the past 15 sessions, which might lends further support to copper prices during today's trading.
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Commentary: Sniff, sniff....something smells here. LME stocks declining ? How can that occur ? Are the mines slowing their output ? Or is China purchasing and stockpiling (again) ?
Mon 15 Jul 2013 07:18:14 CT
Some traders felt that the copper market was apparently discouraged by Chinese economic news overnight, as copper prices during this morning's early action were trading as much as 7 cents a pound below last week's highs. In retrospect, the Chinese data might have left many questions in place toward the Chinese economy, as the market wasn't able to rekindle hope of fresh easing action from the Chinese central bank in the wake of that nation's overnight data flows.
Other traders felt that copper might also be somewhat undermined by suggestions from the US Fed late on Friday, which hinted at tapering before the end of this year. News of another daily decline in LME copper exchange stocks leaves that recent trend intact, as they have fallen for 7 straight sessions and during 13 of the past 15 sessions, which might lends further support to copper prices during today's trading.
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Commentary: Sniff, sniff....something smells here. LME stocks declining ? How can that occur ? Are the mines slowing their output ? Or is China purchasing and stockpiling (again) ?