MARKET TALK: Inventories, Peru Underpinning Comex Copper

Comex copper has ticked higher after a decline of 2,050 metric tons in LME warehouse stocks and due to a potential strike in Peru, a trader says. Overall, a couple of dealers describe activity as thin. But while the fundamental backdrop is bullish, three-months metal in London - which tends to lead Comex - is struggling around $7,750 a metric ton, one trader says. "Stocks have been showing continual drawdowns. The market is still nervous but relatively quiet today. All eyes are on Peru." July copper is up 2.10 cents to $3.5300 a pound.