MARKET TALK: China Copper Futures Limit-Up; To Match LME Rise

Copper futures at Shanghai Futures Exchange hit 4% limit-up, catching up to sharp gain in LME 3-month copper last week, when local market was closed for Chinese New Year holiday. "Market participants will pay close attention to the spot market today - how much cash prices will rise, and whether buying will be active, to find more cues for the near-term price outlook," says Cai Luoyi, senior analyst at China International Futures (Shanghai); adds SHFE copper contracts expected to stay limit-up rest of day. Benchmark April contract at CNY57,720/ton, +CNY2,220 or 4% from Feb. 16; LME 3-month at $6,310/ton, +$4 from Friday's PM kerb.