MARKET TALK: China Copper Futures Fall; Grasberg Output Return

Copper futures on Shanghai Futures Exchange sink, erasing morning gains, tracking losses in LME 3-month counterpart during SHFE midday break "as operations at Grasberg mine in Indonesia are back to normal," says Star Futures senior analyst Shen Haihua. Adds large imports of refined copper in April were expected by market so failing to lend support. Analysts say current fall likely just knee-jerk response to Grasberg news, as amount of output affected wasn't large anyway; tip consolidation to continue. Benchmark July contract down CNY380 at CNY72,460/ton; LME 3-month at $7,870/ton, down $80 from Friday PM kerb.