MARKET TALK:LME Copper Steady At $5,540; Downtrend Intact

LME 3-month copper quoted at $5,540/ton, steady from late kerb close and just above what Standard Bank says is key support at $5,500. Says copper likely to stay volatile, pressured by weaker oil, net short on Comex, but supported at lower levels by good consumer buying on dips. Commonwealth Bank of Australia says drift lower in metals continues, suggesting downtrend intact, not the least reflecting easing supply concerns, growing stock levels, which have been increasing strongly to just shy of 200,000 tons vs 110,000 tons mid-October.