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Starting the year’s trading on a Thursday was never going to stimulate large volumes of business, and this morning’s non-manufacturing purchasing managers index from China has forced the price even lower than expected.
The 6% improvement in price over December flew in the face of market fears. A number of the larger mining companies have already stated their intention to increase productivity, and the anticipated increase in supply kept any chance of over enthusiasm in check.
Today’s price action has seen copper bounce off the 20-day moving average. The price has continued to struggle in its efforts to break through previous August highs. The end of December also coincided with the relative strength indicator hitting the top end of the range.
With a number of Federal Open Market Committee members, including Fed chairman Ben Bernanke, speaking at various events today we could yet see sentiment affected, depending on the markets interpretation.