MARKET TALK: LME Bounce Off Lows, On Course To Consolidate

LME's bounce off lows overnight should set market on course to find levels of consolidation, says a trader. Index funds rolling positions forwards are softening nearby spreads, softening tone in market. Market talk of larger scale hedge fund redemptions have quietened down, pointing to sharp losses on copper, zinc overdone and likely price rebound. LME 3-month copper last trades at $5,405/ton, down $10, zinc at $3,100, down $15 on Thursday PM kerb.