The copper market has consolidated this week as many traders feel the market may not be interested in pushing prices too far in one direction ahead of the EU summit's conclusion. Some traders have suggested that March copper comes into a potentially critical fundamental macro-economic junction sitting 40 cents a pound above the last month's lows which could leave copper prices somewhat vulnerable to a pullback. Other traders feel that March copper going into the EU summit was 20 cents a pound below the late October highs, and that copper could benefit from a definitive return to a risk-on environment. Australian GDP during the third quarter was up 1.0, in line with forecasts and may be an indication of strong industrial copper demand from China.
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