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MARKET TALK: China Copper Futures Flat, Awaiting Data; Ali Up

Monday, May 14, 2007
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Copper futures traded on Shanghai Futures Exchange little changed from Friday's settlement, as market awaits preliminary import, export data for April, while LME 3-month copper giving no cues, analysts say. Local analysts, traders estimate sharp drop of imports in April from March, due to unfavorable price differentials between LME, SHFE; worry data may be inaccurately read as sharp slowdown in Chinese demand, which may pressure LME prices. Benchmark July contract at CNY69,860/ton, down CNY20. LME 3-month at $7,890/ton, unchanged from Friday's PM kerb. Aluminum futures up, following steady decline of exchange stocks since mid-March. Benchmark July contract at CNY20,640/ton, up CNY160.

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