MARKET TALK: LME Copper Slips As Fund Sentiment Weak

LME 3-month copper last at $5,622/ton, down $93 on London PM kerb in range trading on "general lack of solid belief in either direction," though funds key to short-term movements, says Hong Kong-based trader. Notes funds remain in control of price direction, despite gains on SHFE copper futures, signs of Chinese physical buying, healthy premiums on cash copper in Shanghai. Says Chinese consumers only buying when price appears to have bottomed, limiting purchases to their short-term needs, may not be convincing enough proof of fundamental strength for funds to end recent sell-off.