MARKET TALK: LME Copper Recovers; More Consolidation Likely

LME 3-month copper recovers after dropping earlier on long liquidation, gains may be driven by rebound in Shanghai Futures Exchange copper, but continued consolidation within $8,000-$8,300 range likely, traders say. LME 3-month copper at $8,060/ton, off $8,025 low, unchanged on London PM kerb after falling $114 overnight. HK-based trader says copper volumes thin, further profit taking may pressure copper as it consolidates last week's sharp gains, but support should hold around $7,950-$8,000 area.