LME composite trading closing support level resistance level 14th RSI 10th MA 30th MA three-month copper 3605 * 3550 * 3630 * 55 * 3624 * 3596 three-month aluminum 1859 * 1800 * 1870 * 48 * 1859 * 1883
LONDON, September 13: The London Metal Exchange (LME) copper continued its rally in early European trade on Tuesday, boosted by metal movements in the New York Mercantile Exchange (COMEX) and speculative short covering.
Traders said it appears that the decline in copper prices last week was another moderate correction. Copper prices fell by nearly 5% last week.
“I think many people sold in the rally yesterday afternoon and hoped that the copper price could quickly fall back to 10-15 US dollars, but it did not come true and the fund is still eating in.†said one trader. “There are buyouts in the market. â€
At 0647 GMT, the three-month copper price was 3,625/30 US dollars per ton, which was 20 dollars higher than the closing price on Monday.
Despite the considerable size of the copper supply gap is being eased long-standing, all stock exchanges are increasing, but low stocks on strong demand from China and the overall market hint at some time will remain tight supply.
Analysts pointed out that LME copper stocks continued to grow for the seventh consecutive week last week.
Copper hit a record high of 3,725 on September 2, but fell back to 3,510 a week later.
Aluminum followed copper price is still to some extent, although failed to attract follow-through buying .0654GMT in early trading, three-month aluminum fell $ 1, reported 1,858 / 61.