Morning Copper Market Report

The copper market was generally higher during overnight trading, as ongoing optimism from Europe may have provided a positive tone to the market. Asian copper prices were higher overnight, with many traders feeling that an ultimate Greek deal may be close at hand. Copper prices might have been held back overnight by news that China raised their official retail energy prices, as that might be seen as a sign that hinders the Chinese economy as well as being seen as a move that tempers inflation. Another issue that might be holding back copper prices this morning is news of forward progress with a big mining project in Africa. The copper market should be drafting some support from the recent pattern of declines in daily LME copper stocks, which are now down to some of the lowest levels since the 3rd quarter of 2010.

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