Excess Supply of Copper sliding the price!!!

Theres a speculation that China has an an excess supply of copper ,due to which the price of Copper went down today (Monday Jan 2011).
The price of the futures which are to be delivered in three months dropped by .6 percent , because the view of the market is that the excess supply is going to further decrease the price of Copper.The reason , the excess supply is having such a huge impact is because China is also the largest consumer of Copper.According to the technical analysts or graphists view, the price wont increase anytime soon , another solid reason is that China is now looking to curb their expansionary monetary policy ,to curtail inflation in the economy, which will further decrease the aggregate demand and hence eventually decrease the high consumption of Copper in China by half.

 

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This is just like day to day fluctuation in the market.I would say there won't be much fall in feb prices of copper.