MARKET TALK: China Copper Futures Limit-Up; Supply Levels Key

Benchmark copper futures on Shanghai Futures Exchange limit-up 4% after strong overnight gains in LME 3-month copper on decline in LME stocks; "prices will probably stay at these levels for the rest of the day, given the firm LME 3-month," says Shanghai trader. Notes changes in LME stocks still key to short-term price direction, while above-expectations E.U. GDP growth lends fundamental support to price outlook. Benchmark April SHFE copper at CNY54,140/ton, +CNY2,080; LME 3-month unchanged from PM kerb at $5,749/ton.