MARKET TALK: New LME Copper High Seen Probable - JPMorgan

A new all time high for LME copper is not only possible but now quite probable, says JPMorgan analyst Michael Jansen, although physical demand will likely be eroded at current levels. The price curve is set to invert slightly further in the short-term, he notes, with likely producer selling undermining long-end values. Carry trades are seen becoming more frequent once momentum at the front end of the curve eases, he adds. LME copper is last at $8,065 a metric ton, +5% from Tuesday's low.