LME copper likely rangebound at $7,600-$8,000/ton given supportive short-term fundamentals vs profit taking, positioning for expected correction, says trader. Planned protest at Grasberg for Wednesday, Xstrata plc (XTA.LN) declaring force majeure on Alumbrera copper-gold mine supportive. Market eyes producer selling stepping up; larger scale producer selling to induce longs into further profit taking to test support at $7,600. LME 3-month copper last trades at $7,775, up $46 vs yesterday's PM kerb.
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