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)
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