MARKET TALK: China Copper Futures Up On LME Gains; More Upside

Copper futures on Shanghai Futures Exchange up sharply on overnight gains in LME 3-month copper; "bullish factors, including the continuous decline of LME copper stocks and news about supply disruptions, mean follow-through short-covering is possible, hence SHFE prices are likely to rise further, along with global gains," says Star Futures analyst Pang Ying. Adds buying on domestic spot market may pick up as uptrend is confirmed. Benchmark July contract at CNY75,600/ton, +CNY2,700, or 3.7%; LME 3-month at $8,071/ton, +$23 vs PM kerb.