MARKET TALK: Shanghai Copper Closes Up, Sentiment Firms

Copper on Shanghai Futures Exchange finishes higher after gaining steam in afternoon trade on follow-through short-covering, firm LME copper in Asian trade, traders say. Most active January +CNY440 at CNY63,150; LME 3-month benchmark at $6,865/ton, up from low of $6,820. Stronger U.S. economic data Thursday, as well as housing data Friday, may give greater confidence to copper bulls; as may forecast for "moderate" Chinese copper production in 2006 by China Nonferrous Metal Industry Association today, which below some traders' expectations.