MARKET TALK: LME Copper Up 1% On China's SRB Buying Talk

Talk that China's Strategic Reserve Bureau has been replenishing its copper stockpiles is attracting buyers to the market with LME prices up 1% from Friday as a result, a London broker says. "The word on the street is that two large smelters in China have been buying from the international market on behalf of the SRB," he notes. The tonnage is relatively small, he adds. The SRB couldn't be reached for comment. "This may be just a tactic to push prices higher, but combined with the bullish sentiment we've been seeing of late, it's working," he adds. LME copper is last at $7,895/ton.