MAKET TALK: LME Copper Overvalued, Supply Concerns Ease

LME copper may come under pressure as supply conserns ease as overnight reports suggest a " fair bit of material floating around Shanghai," says BNP Parabis analyst David Thurtell. Adds cash-to-3-month spread suggests supply is not too tight. "It's getting a bit overvalued at these levels," he says, adding Chinese consumers balk at prices over & 7400-7500/metrion ton. LME copper is trading up 0.4% from Monday's kerb at $ 7645/ton. LME lead is -0.6% at $ 2355/ton.