MARKET TALK: China Copper Futures Down Sharply On O/N LME Loss

Shanghai Futures Exchange copper futures down heavily, tracking losses in LME 3-month overnight, and arrivals of imports in China likely to add to weight on SHFE copper, says Yong'an Futures analyst Wu Jianjian; "the sharp rise in LME copper stocks Friday and Monday was still a big concern for market participants, but downside looks to be limited" given positive sentiment due to resumed Chinese buying. Most active April contract at CNY52,130/ton, down CNY1,940, or 3.6%. LME 3-month at $5,605/ton, +$20 vs PM kerb.