MARKET TALK: LME Copper Makes 2007 High But Still Range-Bound

 LME 3-month copper hits fresh 2007 high at $7,000/ton, but has yet to break convincingly out of range, says Tokyo-based trader at major Japan house. Contract last quoted at $6,995/ton, +$25 on London PM kerb. Adds, thin volumes, few short-term bullish factors indicates copper lacks momentum to pull away from recent $6,600-$6,950 range. Pegs resistance levels for 3-month copper at $7,000/ton, then Dec. 5 high of $7,215. "If the market breaches those levels, I'd have to go bullish." Trader says gains likely due to fresh speculative, fund buying as 2Q begins; lists bearish factors as disappointing U.S. Feb. manufacturing growth rate, failure of SHFE copper to rise as strongly as LME copper.