MARKET TALK: LME Copper Under Modest Profit-Taking Pressure

Profit-taking has LME copper "under a bit of pressure," says a broker, "it's down over $100 over yesterday. The market got carried away with the Grasberg news, and rushed in when (copper) got over $8,000/ton. Traders got overexcited," he says. Notes, "we still have fairly good backwardation in the spread, brings to bear continued supply tightness." About if concerns of a Chinese rate hike are pressuring the market, he says, "I tend to get very cynical about these kind of things. I think the market is just coming down here to be bought. LME copper is -1% at $7,967/ton.