0245 GMT [Dow Jones] LME base metals up slightly on weaker USD, overnight LME gains, say traders; add CTA, fund buying in London, NY due to fresh allocation of funds at start of 3Q helped provide upward momentum to complex, drove copper above $7,700/ton, setting up potential run at $8,000 or higher. Tokyo-based LME broker says copper has no clear resistance above $7,700/ton until 2007 high $8,335/ton; yesterday's close above $7,700 should trigger further short-term buying by chart-trading funds. Notes declining copper stocks on LME, Comex, SHFE, as well as strike actions, widening backwardation on cash to 3-month spread underpinning copper's rally. LME 3-month copper +$29 on London PM kerb at $7,749/ton. Zinc off highs, unchanged at $3,460/ton.(MWL)
