The comments are guaranteed smarter cos they're not mine. Here are some bits from Reuters:
Copper buoyed by relief rally in the euro after last
week's euro zone agreement on emergency financial aid for
Greece. [USD/]* Market sentiment bolstered by 12 percent growth forecast
in China, the world's top consumer of the industrial metal.
[ID:nTOE62S003]* Copper underpinned by improved economic outlook after
data showed U.S. consumer spending grew for fifth straight
month in February. [ID:nN29246203]* Inventory numbers starting to catch people's attention -
Justin Lennon, analyst with Mitsui Bussan Commodities (USA)
Inc.* London Metal Exchange copper warehouse stocks fell 1,400
tonnes to 515,525 tonnes -- their lowest level since early
January. Stockpiles hit a 6-1/2 year high of 555,075 tonnes in
mid-February. <0#lme-stocks>* Last week, Shanghai copper stocks fell 8 percent to
155,465 tonnes from 169,101 tonnes a week ago, while copper
stocks on warrant declined 3,054 tonnes to 47,908 tonnes.
[ID:nBJD003626]* COMEX copper stocks eased 22 short tons to 101,446 short
tons as of Friday. CMWSU* Money managers, which include commodity trading advisors,
pool operators and hedge funds, trimmed net long positions in
COMEX copper futures to 22,194 lots in week ended March 23,
from prior 22,796 lots - data from U.S. Commodity Futures
Trading Commission. [ID:nN26118087]
And here's an excerpt from George Topping of Thomas Weisel, in an update note on metals dated today:
Copper Market Fundamentals: LME Cu inventory has been declining over the past month from a peak of 555kt to the present stockpile of 515mt (lowest since mid-January). Cancelled warrants stand at 20kt, indicating more draws from inventory in the near future.