MARKET TALK: China Copper Futures Little Changed, Lag LME Rise

Copper futures on Shanghai Futures Exchange little changed despite $130 rise in LME 3-month overnight, "weighed down by profit-taking, after LME 3-month's retreat from $6,330 (high) overnight, indicating strong resistance at the 2007 high of $6,374/ton," says Shanghai trader. Notes SHFE has trailed LME all week, capped by low local cash premiums. Exchange stocks likely to rise again this week, given large amount of imports recently; tips range-trade at CNY56,600-CNY58,500 to continue into next week. Benchmark May contract at CNY57,790/ton, +CNY70; LME 3-month at $6,190/ton, down $80.