MARKET TALK: China Copper Futures Down Sharply On LME Falls

Copper futures at Shanghai Futures Exchange sharply lower, following overnight losses in LME 3-month copper; weak sentiment on spillover effect from plunge in shares likely to at least cap any rebound in session, if not send prices even lower, says Wu Jianjian, analyst at Yong'an Futures. Notes "jump in copper imports in January already digested by market, not likely to have much impact"; note, China's copper cathode imports rose 86% on year in January to 130,782 tons, customs data show. Most active May contract at CNY57,500/ton, down CNY860. LME 3-month at $6,150/ton, down $70 from PM kerb.