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With another noted decline in LME copper stocks overnight and seemingly a pattern of LME copper stock declines seen recently, the bull camp comes into the action today with a slight fundamental edge. In fact, given the sharp LME copper stock decline seen overnight and news that another major copper producer Antofagasta, expects to see its 2009 copper production decline by 9%, there would seem to be a distinctly bullish supply side argument back in the copper market. While the copper market has recently derived most of its bullish mantra from the hope of surging Chinese demand, we would suggest that help from the supply side and perhaps not as much negative demand news from areas outside of China, could give the bull camp a slight edge in the early action today. However, the May copper chart isn’t exactly impressive or emboldening from a bulls perspective and without significantly higher equity market action this morning, it wouldn’t have been surprising to see May copper eventually fall back below a critical chart support point of $1.6250.
