MARKET TALK: LME Copper Forwards Bid; Front-End Spike Seen

LME copper forward spreads continue to be borrowed and this suggests participants are positioning themselves for a front-end spike, says a broker. Forward selling seems unlikely, he adds, with Dec 2010 copper attracting buying interest from some of the bigger macro funds. LME three-month copper trades at $5,659/ton, up from $5,622/ton overnight.