LME Comprehensive Trading Close Support Position Resistance 14th RSI 10th MA 30th MA
Three-month copper 3951.00 * 3900 * 4000 * 58 * 3939 * 3905
Three-month aluminum 2016.00 * 2000 * 2040 * 66 * 2002 * 1954
LOS ANGELES, November 10: The London Metal Exchange (LME) copper has remained unchanged for the first few days of Thursday, and the market has consolidated in a narrow range.
Three-month copper is still only about 2% from its record high of US$4,018 hit last month. Despite recent news that copper supplies have increased, the fund-backed market remains stable.
At 0475 GMT, the three-month copper was at 3,960/965, up $10 from Wednesday's close.
A trader said, "The turnover is very scarce. It seems that most investors are looking at the fund and waiting for the fund."
"It seems that the price of copper is more likely to rise rather than fall, as the spread of reverse prices has widened, and recent news suggests that supply has increased, but it has had no effect on the market."
The American copper mine Asarco said on Wednesday that it plans to increase the copper production rate by taking advantage of high copper prices. Before the company reached an agreement with strikers, the four-month strike ended.
According to another report, the National Reserve Bureau of China will auction more 20,000 tons of spot copper next week, and the sales scale is expected to reach 100,000 tons, but this will not have much impact on the copper price this week.
Aluminum futures fell slightly from the 10-year high of $2,040 a tonne touched last week, but aluminum prices are well supported due to high energy costs and strong fund buying momentum.
The three-month aluminum was quoted at 2,017/2,020, which was $2,016 late yesterday.