MARKET TALK:China Copper Futures Up; Weak Spot Mkt Caps Gains

Copper futures traded on Shanghai Futures Exchange higher thanks to strong LME 3-month copper overnight, but lag gains, weighed by domestic cash market, analysts say. There's fresh short-selling, in expectation of correction soon, says Star Futures analyst Chen Wei; adds "end users' reluctance to buy much also affects market sentiment, but if LME 3-month breaches resistance $7,500/ton some time in April, there will be more buying on domestic spot market, on fears of even higher prices." Benchmark June contract at CNY66,340/ton, +CNY590, or 0.9%. LME 3-month at $7,352/ton, down $63 from PM kerb.