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The copper market actually managed a fresh new low for the move overnight and with the rest of the metals markets remaining under pressure, the bear camp looks to retain the edge this morning. However, those short copper need to watch the action in the equity markets closely, as a sharp rally from that sector and or a much stronger than expected US consumer sentiment report, could manage to turn the tide around in the copper market. However, Shanghai copper stocks on the week rose by 3,939 tons and the Chinese copper market finished its trade this week softer and that type of news and action is expected to dominate the US copper trade this morning. However, LME copper stocks did mount another noted daily decline overnight and there were reports overnight from China, that refined copper output in March actually fell and that could be the type of news that quickly puts a floor under copper prices. On the other hand, there is a lot of overbought talk toward the copper market this morning and therefore a slide down to consolidation support of $2.0960 probably can’t be ruled out today.
