LME 3-month copper last $8,245/ton, down $75 from this time yesterday after losing ground in NY on news strike by Peruvian miners ends, also on profit taking after strong gains since mid February. Only limited trades completed yesterday with London market closed. Tim Evans, analyst with Citi Futures Research, says end of strike removes a bullish factor supporting red metal recently, as did earlier end of labor action at Grasberg mine, Indonesia. Notes copper often makes a seasonal top around this time of year, might be viewed now as "overvalued" after a run-up of some 60% from February lows. Still, adds price support from continuing decline in LME stocks, down 1,100 tons yesterday to 150,925 tons, will remain a supportive factor.
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