MARKET TALK: LME Copper Overvalued, Driven By Inventory Draws

Copper prices will continue to be driven in the near-term by ongoing stock drawdowns, says Standard Bank. Adds that given current fundamentals, copper prices are overvalued, and it is looking for a price closer to $7,800/ton. LME copper is down 1% from Friday's kerb at $7,815/ton.