Strong Chinese demand, especially in copper, should soften impact of any carry trade-related pressure on commodity prices, says JPMorgan. Notes stronger-than-expected China 1Q economic data raises possibility of further monetary tightening by PBOC, could further weigh on weaker equity markets, increase unwinding of yen carry trades; but bullish China GDP, industrial production numbers demonstrate current demand conditions remain strong, dip in prices from recent highs should find scaled-down buying interest. Pegs copper key support at $7,600-$7,650, aluminum at $2,800-$2,810. LME 3-month copper at $7,895/ton, up $85 on London PM kerb; aluminum up $5 at $2,850.
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