MARKET TALK: China Copper Futures Jump Again; Eyes On LME

Copper futures on Shanghai Futures Exchange up sharply with yesterday's 4% limit-up advance not enough to catch up with LME 3-month's gains last week while China markets shut for holiday; but rise may tail off as front-month March contract (at CNY58,910/ton) nearing Monday's cash prices of CNY59,200-CNY59,300/ton, with physical dealers also looking to LME for further cues, analysts say. "It was gains in LME 3-month last week that led local futures and cash values to rise sharply yesterday, so similarly, we'll wait for more cues given by LME," says Dalu Futures' Wang Zheng. Benchmark April contract up CNY1,110, or 1.9%, at CNY58,830/ton. LME 3-month at $6,270/ton, down $10 from PM kerb.