MARKET TALK: China Copper Futures Down Sharply On LME Losses

Copper futures traded on Shanghai Futures Exchange down sharply on overnight losses in LME 3-month copper, but off earlier lows; "Profit-taking in LME won't stop copper prices from heading toward the record high seen in last May, with charts and strong global demand looking good," says analyst in Shanghai. Adds, SHFE likely to continue to be weaker than LME, weighed by ample supply on spot market. Benchmark July contract at CNY72,460/ton, down CNY1,080, or 1.5%. LME 3-month at $8,068/ton, +$18 from PM kerb.