MARKET TALK: China Copper Futures Dn Sharply; Lags LME Losses

Copper futures traded on the Shanghai Futures Exchange down sharply, following overnight losses in LME 3-month copper, but losses still not as bad as the LME 3-month's last night, as it's "underpinned by strong domestic spot market," says trader in Shanghai. Adds, market watching SHFE copper stocks report later Friday to see if rising imports absorbed by strong local demand; LME 3-month likely to consolidate in $5,500-$5,900 range before Chinese New Year holiday. Benchmark April contract at CNY52,240/ton, down CNY940. LME 3-month at $5,610/ton, +$10 from PM kerb.