MARKET TALK: China Copper Futures Surge Again On Spec Buying

Copper futures traded on Shanghai Futures Exchange sharply up on follow-through speculative buying, short-covering, after Comex, LME copper "confirmed our gains yesterday", says trader in Shanghai. Adds bullish sentiment likely to last till at least end April; prices to be underpinned by short covering in Comex, LME, improving spot market buying in China; but says "$8,000 per ton still looks to be a strong psychological resistance at the moment". Benchmark June contract at CNY71,920/ton, +CNY2,960, or 4.3%. LME 3-month at $7,760/ton, +$430 vs Thursday.