look at the bigger picture for your answer

you guys need to look at the bigger picture if you are to understand the copper market......broaden your minds.....alot are waiting for the US fed,s to make the decision on interest rates............cheers Jam
here is the article...probably the real reason why MRX is drifting......the bigger market dictates and in addition to this we have a 16% gain on copper inventories on the LME..this plays a part also......all about supply/demand

US copper extends Oct. fall, awaits Fed decision
Tue Oct 30, 2007 2:54pm EDT Email | Print | Digg | Reprints | Single Page | Recommend (-) [-] Text [+]

powered by SphereNEW YORK, Oct 30 (Reuters) - U.S. copper futures lost some ground on Tuesday, but managed to settle above last week's five-week lows, as rising visible supply in London prompted further liquidation in the industrial metal, analysts said.

Copper for December delivery (HGZ7: Quote, Profile, Research) ended down 3.95 cents to $3.4815 a lb on the New York Mercantile Exchange's COMEX division, after dealing between $3.4340 and $3.5230.

Last week, the benchmark December contract fell to its lowest level since Sept. 18, at $3.43, after successive builds in London Metal Exchange (LME) warehouse stocks fanned worries about an easing in the market's overall tightness.

LME copper stockpiles increased by 3,250 tonnes to 160,750 tonnes on Tuesday, and were now up almost 30,000 tonnes, or close to 23 percent, from the start of the month. The bearish builds were reflected in data released by the International Copper Study Group (ICSG) on Monday, which showed the copper market was in a surplus by some 16,000 tonnes for the month of July.

"It's not an insignificant build, but now, it is a question of whether these stock builds are maintained. You would certainly think that is suggesting that there is not significant supply tightness the market is dealing with," said David Rinehimer, director of Citi Futures Perspective in New York.

COMEX copper stocks were unchanged at 19,557 short tons on Monday.

A deteriorating technical backdrop was also seen contributing to the metal's bearish tone, with the benchmark December contract down nearly 8 percent from its early-October high of $3.78 a lb.

"Copper is in sort of a corrective mode right now, looking for some sort of equilibrium level ... maybe some level where we will see some buying interest coming out of China," Rinehimer said.

The market will turn its full attention to Wednesday's U.S. Federal Reserve decision on interest rates, where policy makers are expected to lower benchmark interest rates by a quarter percentage point to 4.5 percent in an effort to prevent a slumping housing market from further damaging the economy. Continued