Morning Copper Market Report

Copper prices have traded lower this morning, unable to find carryover support from strong gains in the precious metals markets early this week. The copper market was earlier thought to be strengthened by a weaker Dollar and higher equity prices, but fear of stagnant economic activity from Japan and concerns of a slowdown in the UK economy were seen as keeping copper prices on the defensive this morning. Some traders feel it possible that an uptick in the US New Home Sales report will provide some minor support to copper prices but without a sharply lower Dollar and rising equities, the copper trade might find it difficult to throw off today's initial negative tone for the market. However, the market is probably garnering some residual support from news last week of another large decline in weekly Shanghai copper stocks.
Read more: http://community.nasdaq.com/News/2011-04/morning-copper-market-report.aspx?storyid=72412#ixzz1KXllVi49