MARKET TALK: LME Copper Under Pressure From Weaker Oil

LME copper prices are seen under further pressure from weaker crude oil futures, says a broker. Copper prices are down 4% from Thursday, and selling pressure from fund players remains in the nearby spreads although further forward the spreads continue to be borrowed, the broker notes. Adds this suggests players are positioning for a spike in the forwards, with Dec 2010 attracting much of the attention. LME copper trades last at $5,505/ton, down 13% since the start of the year.