MARKET TALK: China Copper Futures Slide; Low Physical Demand

Copper futures on Shanghai Futures Exchange sharply lower in response to overnight LME 3-month losses, weak domestic spot market with about CNY1,000 discount of cash prices to front-month futures contract, says Shanghai analyst; "physical traders had stockpiled enough for the week-long holiday, as they bought a lot when prices were around 50,000 to 60,000 yuan, and now they're not keen to buy, given the high prices." Benchmark July contract down CNY2,760, or 3.8%, at CNY70,490/ton; LME 3-month at $7,750/ton, down $50 from PM kerb.