MARKET TALK: LME Base Metals Up As SHFE Metals Pare Losses

LME base metals rebound from morning lows, as Shanghai Futures Exchange copper, aluminum pare losses, says Hong Kong-based trader. Firmer Chinese equity market today after sharp fall yesterday prompting speculative buying in SHFE base metals, trader says. Adds, strong Chinese 1Q economic data may only weigh on copper, base metals short-term, likely to lead to some much-needed consolidation for the complex; data confirms market's expectation Chinese metal consumption to remain strong in 2007; "The long-term impact has already been priced into the market." LME 3-month copper last at $7,890/ton, up from low of $7,815, $80 higher than London PM kerb; aluminum range trades in $10 band, up $5 on kerb at $2,850/ton.