The copper market has started the new trading week under some pressure, as weaker global equity markets, a stronger Dollar, and news of a larger than expected Japanese trade deficit were all seen as negative factors for prices.
Ongoing concerns with Greek sovereign debt are widely seen as having a major negative impact on copper prices this morning. Reports that Chinese copper imports were weaker because of ongoing tightening credit conditions in that country are also considered to be a key negative factor for the market. Some traders feel that physical commodity markets in general will continue to reflect a general economic "slowing" vibe, until there is evidence to the contrary.
With the US economic report slate quiet today, many traders feel that the copper market may find action in the Dollar and global equity markets as the primary catalyst for price direction.
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