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The copper market has not been a precious metal market over the last two weeks and therefore the action in the Dollar should not be a major negative element for the trade. In fact, we have to think that the copper market in general is cheered by the macro economic news of better employment in Australia and Canada, soaring Chinese GM auto sales and also because of a noted decline in weekly Chinese copper stocks. Shanghai stocks fell 7% this past week, but initial Dollar gains overnight have put some temporary pressure on copper prices overseas. Shanghai copper stocks came in at 89,822 tonnes, down 6,897. After a nominal setback in prices, perhaps back down to $2.76, we suspect that copper will find solid support. At least in the near term the $2.8040 level appears to be some form of solid resistance, and therefore a close back above that level today after some initial weakness might be considered quite bullish for the market next week.
