LME Comprehensive Trading Close Support Position Resistance 14th RSI 10th MA 30th MA
Three-month copper 3538 * 3500 * 3480 * 34 * 3590 * 3591
Three-month aluminum 1826 * 1800 * 1870 * 29 * 1848 * 1877
LONDON, September 16: The London Metal Exchange (LME) resurfaced with uncertainties on Friday. The copper price is expected to be under pressure due to an increase in inventories, while other metals have been hit hard.
Nickel fell to this year's low, while tin hit a 19-month low.
LME copper inventories climbed by more than 12%, or 8,750 tons, since the end of last week, reaching the high point since the end of October 2004.
Traders said that at the end of the demand period near the end of the year, the increase in inventory began to be boring.
“We earlier emphasized earlier this week that China’s industrial production is still strong, and that China’s demand for copper has a considerable portion to be imported. In the fourth quarter, demand may increase significantly,†a trader said.
But the trader said that only this factor may not be enough to push up prices, especially when the output is expected to increase steadily.
At 0702 GMT, the three-month copper was at 3,525/30, down $13 from Thursday's close.
Three-month aluminum fell by $6 to 1,820/1,823 per ton, slightly higher than the seven-week low of 1,819.50 earlier touched.
Nickel continued its downward trend yesterday. The settlement of the fund yesterday caused the nickel price to fall by 7%. Three-month nickel fell by 50 US dollars to 12,950/13,050, not far from the historical low of 12,850 in mid-December of 2004.