MARKET TALK: China Demand Underpins Copper Despite Rate Hike

Chinese economic growth looks intact despite a rate hike over the weekend and this will continue to underpin copper demand in '07, says BMO Capital markets analyst Mart Melek. "We continue to see tight physical conditions in the second quarter and still higher copper prices," Melek adds. LME copper is last at $6,630/ton, down $30/ton from Monday.