MARKET TALK: Coppper To Rally, Pull Complex Higher Next Week

Fund interest is seen pushing LME copper to test the key $8,000/ton next week, says a broker. Adds a possible strike at Papua New Guinea's Grasberg mine next week is likely to add upside pressure, "it will be used as a good excuse to push the market higher if it does happen," he says. Adds a break of $8,000/ton will encourage some profit taking on copper, with upside momentum spilling across the complex and giving nickel another shot at $50,000/ton. LME nickel has drifed on retreating copper and profit taking he says, with scaled-down buying to continue. LME copper trades at $7,743/ton, up 0.6% on the day, LME nickel +1.2% at $47,000/ton.