MARKET TALK: LME Copper Higher On Chinese Speculative Buying

LME copper higher on speculative Chinese buying, though reasons for buying not clear, says trader at Japan house. LME 3-month copper up $190 on London Friday PM kerb at $7,890/ton. "We didn't expect follow-through buying up to these levels (above $7,400/ton)," says trader. Notes, no fresh fundamental news of major significance to push up price, delayed shipments at Xstrata's Alhumbra mine in Argentina not large quantity; says buying may be driven by insider information. Adds, follow-through buying in London unlikely, 3-month copper should fail to break $8,000/ton, as resistance at that level proved strong last Wednesday, Thursday.