Copper futures traded on Shanghai Futures Exchange up sharply on speculative buying, following overnight rise in LME 3-month, "but gains may be capped, as investors see technical resistance (for LME 3-month) at $8,000 as still strong," says Feng Baojun, analyst with GF Futures. Notes current SHFE, LME price differential allows marginal profits for imports; doesn't encourage re-export to LME warehouses. Benchmark July contract at CNY72,430/ton, +CNY1,700, or 2.4%. LME 3-month at $7,850/ton, +$21 from late kerb.
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