MARKET TALK: China Copper Futures Up Sharply;Cash Market Weak

Copper futures traded on Shanghai Futures Exchange up sharply on overnight gains in LME 3-month copper, although spot copper was traded at a CNY600-CNY800 discount to front-month futures contract Monday; "plenty of domestic stockpiles, following large amounts of imports since the end of last year, are weighing on cash prices," says analyst in Shanghai. Adds SHFE copper up merely on expectation of more LME gains on charts. Benchmark June contract at CNY63,400/ton, +CNY1,190, or 1.9%. LME 3-month at $6,880/ton, +$29 from PM kerb.