MARKET TALK: Standard Bank Tips Copper To Consolidate

Copper price likely to stay range-bound short-term, supported by pent-up physical buying, but limited on upside by recent rise in LME stocks, lower Chinese imports, technical resistance in $7,200-$7,800/ton band, says Standard Bank report. Adds, negative sentiment on U.S. economy also weighs, though "host of supply disruptions have the potential to escalate and to tighten supply up even more," sparking potential rally that would draw additional support from weaker USD, gains in other commodities. Forecasts $7,100 average price for 2007; LME copper last at $7,120/ton, down $55 on London PM kerb in quiet Asia trade.