Markets

Morning Copper Market Report

The copper market was able to trade higher during the overnight session, in spite of the news that weekly Shanghai Deliverable Copper Stocks this morning were at 86,163 tons, for a weekly rise of 3,854 tons. On the other hand, daily LME Copper Stocks were at 473,475 tons, for a small decline of 25 tons. However, India copper prices were up slightly overnight which some traders feel may have provided the US copper market with some initial support. With nearby copper prices this morning as much as 24 cents a pound above their May lows, and with many physical commodity markets reacting negatively towards the prospect of US economic slowing, some traders have suggested that copper is somewhat expensive and could start to reflect the recent weakness in equities and other physical commodities if the US Non-Farm and Private payroll readings today confirm the fears of a slowing of US growth levels.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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