Copper participants "remain unconvinced" that Chinese consumers are back in the market, with prices up but off highs in Shanghai and LME copper unable to penetrate overhead resistance, a trader says. Forward sellers are capping LME copper's gains given Shanghai failed to trade limit-up again, he notes. "This is a reminder that the market got carried away with momentum and failed to recognize there was little substance behind the gains last week," he adds. LME copper trades last at $6,230 a metric ton, down 1% overnight and a drop of 2% from Monday.
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