MARKET TALK: China Copper Futures Tad Higher On LME Gains

Copper futures traded on Shanghai Futures Exchange tad higher on overnight LME 3-month gains; cash premium of about CNY1,000 leads to strong gains in February contract, says Great Wall Futures analyst Li Rong. Notes "shorts are sidelined today, as gains in LME 3-month last night hit their expectations of further losses yesterday. But SHFE prices are likely to be weaker than LME on the growing arrivals of imports in the short term." Benchmark March 2007 contract at CNY52,970/ton, up CNY350. LME 3-month at $5,670/ton, down $40 from yesterday's PM kerb.