MARKET TALK: LME Copper Jumps;Ongoing Buying Interest At Dips

LME copper's $200/ton jump overnight boosts sentiment and dips are once again well supported, indicating ongoing buying interest, says BaseMetals.com's Will Adams. LME copper market is focused on the mechanics of the market including profit-taking, forward selling and ongoing short-covering rather than on fundamental supply news, Adams notes. Meanwhile, LME lead and tin remain well underpinned, with both metals within reach of their record highs, while zinc, nickel and aluminum prices have retreated due to ongoing profit-taking, says Adams. LME copper trades at $7,889 a metric ton, up 2.4% from Friday.