MARKET TALK: China Copper Futures Face More Downside M/T

Copper futures on Shanghai Futures Exchange sink in response to losses in LME 3-month contract overnight; market due for correction following sharp gains, analysts say, and "copper is likely to see more losses in the medium term as it has little support from fundamentals given the high prices now," says Yong'an Futures' Wu Jianjian. Tips domestic spot market to remain relatively weak throughout May. Benchmark July contract down CNY2,300, or 3.2%, at CNY68,810/ton; LME 3-month at $7,660/ton, +$1 vs PM kerb.