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MARKET TALK: LME Copper May Correct To $6,400-$6,500 S/T

Friday, Mar 23, 2007
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LME copper may correct about $300 in short-term as fundamentals haven't strengthened enough in past week to sustain recent rally, says trader at Japan house; LME 3-month copper up 8.5% since Mar. 15, last +$30 vs London PM kerb at $6,750/ton in very thin trade. Trader tips copper to target $6,400-$6,500; notes gains overnight largely driven by momentum trade, China copper data out yesterday shouldn't have been supportive factor as figures unchanged from preliminary data earlier in March.

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