MARKET TALK: LME Copper Builds Base; Fundamentals Strong

LME copper may be in a period of base building with its still positive fundamentals leaving further downside less likely, says BaseMetals analyst Will Adams. "If support around $5,430/ton holds or a breach of that level is short-lived, then copper may still be in base-building mode," he notes. Trade buying will emerge around lower levels, "but probably not until prices have stopped falling." LME copper trades last at $5,505/ton, up from an overnight low of $5,470/ton.