Copper prices this morning have declined to their lowest levels since July 12th as somewhat positive US monthly auto sales figures yesterday have been ignored by the market, Some traders feel that copper may be acting like a classic physical commodity market that is facing economic slowing pressures, with hopes for solid Chinese copper demand pushed onto the backburner. Slowing in the US economy may take "front row" status today, but action in the equity markets may temper some of the negative sentiment in the marketplace. News of rising copper production from a large Chilean miner which was a 22% increase over the prior quarter appears to have elevated supply side pressures. On the other hand, labor problems in the southern hemisphere may be offsetting some of the recent news of increasing supply. LME Copper Stocks were 465,850 tons, up 225 tons.
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