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Surprisingly the copper market is mounting a slight bounce this morning and is managing that bounce in the face of weakness throughout the rest of the metals complex. Even more surprising is the fact that copper is making the run up in the face of an increase in weekly Shanghai copper stocks of 5,328 tons and also in the face of a less significant daily build in LME copper stocks of 2,875 tons. Perhaps the copper market saw the rejection of levels just above 1.50 as some sort of value zone, or perhaps the market is short covering off the potential for a bit of temporary euphoria off the latest Washington plan. Nonetheless demand concerns remain in the marketplace and that could serve to limit the copper markets attempt to bounce aggressively. In fact, unless the US equity market mounts a massive upward adjustment today, we suspect that May copper prices will be unable to climb above chart resistance up at $1.5890.
