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MARKET TALK: LME Copper Up But Fails To Break Resistance

Tuesday, Mar 13, 2007
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LME 3-month copper last at $6,280/ton, up $20 from London PM close on light Chinese buying, but fails to break technical resistance at $6,300/ton, says trader at Japan house. Says copper to struggle to make higher gains, but supported at current level by Chinese consumer interest, as price attractive. However, despite strong jump in China's February copper imports, copper lacks broad support to move higher, he says. "There's not really many fundamental or technical reasons to bring the market to a higher level."

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