Copper prices have posted moderate gains this morning, and have traded back towards the middle area of this week's trading range. It is possible that a slight improvement of demand expectations from China provided the impetus for the market to recover from the overnight lows. However, reports that China might reduce their goal for next year's private housing construction is widely thought to be a factor that potentially could cast a long shadow over copper prices. If the outlook for the US economy deteriorates further and the Euro zone solvency threat becomes more acute, some traders feel that the copper market could easily return to the recent lows. Other traders feel that given the 73 cent size of the August pullback, some recovery from the recent lows may be expected. While the Jobless Claims data might have an impact on copper prices today, the market might need to see something more significant from the US economy such as Friday's Retail Sales to make a decisive price move.
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