Buying interest for base metals, copper amongst funds remains strong despite recent weakness, they're looking for positive factors to drive prices higher, says Tokyo-based trader. Notes, hedge funds, speculators have fresh capital to spend as it's still mid-May, more fresh inflows likely in coming weeks. "They're still supporting prices and want to see prices higher." Tips LME 3-month copper regaining $8,000/ton by end-week or next week, pegs support at $7,630-$7,640. Notes positive U.S. April housing starts data today may trigger fresh fund buying, offsetting drag from weaker Shanghai Futures Exchange copper. LME 3-month copper pares losses, last at $7,715/ton, down $40 on London PM kerb.
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