(08/04) Morning Copper Market Report for

April 08, 2011

The copper market was able to extend this week's rally during overnight trading, and in the process May copper has reached the highest price level since March 28th. News that Russian exports for the first two months of the year declined significantly versus last year's data was seen as a supportive factor for the market. The Bank of Japan kept Japanese monetary policy unchanged at today's meeting, but started a new loan program for banks in the region of the Sendai earthquake which could help to support Japanese industrial copper demand. Indian copper prices followed the strength seen in Asia earlier in the overnight session, which some traders feel probably helped the US copper market discount a rise in LME copper stocks last night to their highest levels since early July last year. LME Copper Stocks were 442,375 tons, up 1,500 tons.