MARKET TALK: LME Copper's Bullish Outlook To Continue

LME copper's bullish trend remains intact as LME inventories decline and due to a potential strike at South Copper Corp in Peru, says Will Adams of BaseMetals.com. Reports of strong Chinese copper imports in March confirm strong demand. Chinese copper import data released Monday showed imports more than doubled on year in March to 202,955 tons. LME data Monday shows copper stocks fell 925 tons to 168,150 tons and are down 7% from the start of April. Short-covering should drive prices higher while trade dip-buying provides support at ever higher levels. LME copper trades at $7,914/ton, down 0.5% from Friday but up from session low of $7,820/ton.