MARKET TALK: LME Copper Builds A Base; Grasberg Talks Eyed

LME base metals trading activity is moderately busy with the market focussing on technicals rather than fundamental news, says a trader. Copper builds a floor in the market, trader adds. The market is keeping a close watch on a possible protest rally at Indonesia's Grasberg mine as Labor negotiations between PT Freeport Indonesia and Tongoi Papua, an informal group of Papuan employees, reconvenes early Tuesday, although traders say it is unlikely to immediately impact production. The Grasberg mine produces around 1800 metric tons of copper and 9000 troy ounces of gold a day. LME copper trades at $7820/ton, up 1% from Monday.