Latest surge in LME base metals prices may be due to short-covering from Asian traders returning from their holidays, says John Meyer of Numis. Base metals prices were strong last week in response to strike action in Peru and illiquid market conditions due to holidays in key markets in the region, adds Meyer. China returned from its week-long holiday Tuesday. Chinese demand for copper remains strong during the second quarter due to restocking of inventories, says Meyer. However, copper prices could ease as construction activity slows down during the 3rd quarter and as a supply surplus is expected to develop during the second-half of 07, says Meyer. LME copper trades at $8,200 a metric ton, -1.4% from Friday.
豫公网安备41010502003434号