Like a number of physical commodity markets, copper is showing some minimally positive early price action. Apparently the reception towards this week's developments in the Euro zone have become a little more positive as the ECB decision and statements are given a second look by many traders. In addition, European economic data released this morning came in better than market expectations, and that combined with general expectations of something positive from the US Non-Farm and Private Payroll reports may have encouraged what appears to be a return to a modest "risk-on" vibe. However, US copper gains have been tempered by generally weaker Asian copper price action overnight. Some of the weakness in Asian copper prices overnight was probably the result of a 7,601 ton rise in weekly Shanghai copper stocks, as rising stock levels are usually seen as a sign of soft physical demand. Some traders feel that given the sharp downward adjustment in copper prices this week and a slightly improved macro economic vibe in place early in today's session, it is possible that US copper prices might be able to extend their early gains if the Non-Farm Payroll number comes in at or above +100,000. LME copper stocks declined by 2,075 tons overnight, and now stand at 244,725 tons.
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