MARKET TALK: LME Copper Pares Losses As Arbitrage Selling Ends

LME copper pares losses as arbitrage selling by Chinese traders dries up after SHFE copper futures hit limit-down, while slight buying interest from Japanese consumers emerges, says Tokyo-based trader. Adds, copper's pullback since May 4 high of $8,335/ton bringing out Japanese consumer interest, though mostly limited to nearby contracts as consumers hope prices to fall further. LME 3-month copper last at $7,628/ton, up from low of $7,585, down $22 from London PM kerb after falling $240 overnight on fund, chart-based selling.