Short-covering from Asia and fresh fund buying has lifted LME copper back above $7,900/ton, with the key $8,000/ton in sight, says a broker. Notes unrest at Chile's state-run Codelco plant and problems with Shanghai Futures Exchange rejecting new deliveries of copper from Chile are fueling sentiment. "Through 7,960/ton we'll probably see some buy stops," with $8,100/ton as the next level of resistance, after $8,000/ton, he says. A further 950-ton drawdown is seen adding to price support, with 174,550 tons available in LME warehouses. LME copper traded last at $7,915/ton, up 1% on the day.
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