LME copper to remain under selling pressure in coming weeks as some market players push price lower so they can rebuild long positions, says trader at Japan house. LME 3-month last at $5,435/ton, +$20 on London PM kerb after dropping $5 overnight. "They want to push down a thin market and buy big at a later point," trader says, adding funds still bullish long-term. Notes technical support at $5,260, resistance at $5,500; break above would clear run towards $5,900. However, expects market players to push copper towards $5,000 short-term.
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