MARKET TALK: LME Copper Eyes US New Home,Durable Goods Data

LME copper looks to be having difficulty surpassing $8,200 a metric ton, says Michael Widmer of Calyon. However, as long as inventories continue to decline, and canceled warrants rise, prices will likewise be supported, Widmer adds. Drawdown in LME stocks, stronger-than-expected German IFO Business Climate data supports copper, Widmer notes, adding that the market will keep a close watch on US new home sales and durable goods data due later Wednesday. LME copper trades at $7,838/ton, +0.23% from Tuesday.