MARKET TALK: LME Copper Looks Soft, Eyes 2007 Low

LME copper may soften more, toward 2007 low of $5,430/ton as buyers are "on the backfoot," says Commonwealth Bank of Australia commodity strategist Tobin Gorey; "Copper prices are still high, leaving even marginal producers profitable," he says, ensuring steady supply stream. "The psychology of the market has turned, consumers are in no rush to buy. Prices look soft on the downside," Gorey says. LME 3-month copper at $5,605/ton, up $30 on Monday PM kerb.