MARKET TALK: Strong Chinese Consumption To Boost LME Copper

Copper demand in China is very strong despite jump in stocks at SHFE warehouses past two weeks, more buying to emerge in coming weeks as consumers have returned from Lunar New Year break, giving upward momentum to LME copper, say Dalu Futures' Wang Zheng. LME 3-month copper +$35 on London PM kerb at $6,165/ton. Tips 3-month copper to trade near $6,300 by next week, possibly breaking above 2007 high on Feb. 26 at $6374.