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LME Review September 16
LME commentary On September 16th, LME base metals mostly closed on Thursday, traders and analysts said, benefiting from fund and technical buying. An LME trader said: "A few short covering in the market emerged soon, and then the fund also entered the market to undertake." Traders said that the market has been trapped in a narrow range in the previous five trading days, but the period of copper in the market together It will rise above the resistance level of about 2,800/05 USD per ton. Another trader pointed out that the trading volume of copper reached 4,300, more than LME copper stocks. Copper: Three-month copper rose 1.95% or 54 US dollars, to close at 2,823 US dollars per ton. Mel Financial analyst, said: "If the copper for two consecutive trading days to close above 2,800 US dollars, it is expected to look at the new trading range of 2,800 to 3,000. Otherwise, it will return to the vicinity of 2,700/720 to 2,800. "The second trader said:" Analysts are talking about volume expansion of copper, but I personally do not see large funds holding large long positions." Aluminum: Three-month aluminum rose $5 to 1,713. Meyer said: “Aluminium is firm, news of alumina shipping issues and continued decline in aluminum inventory constitute support.†Jamaican officials said on Thursday that the two ports used to export alumina have been subjected to Hurricane Ivan (Iraq Million) Damage may not be used for up to two months. LME aluminum stocks fell by 1,125 tons on Thursday to 701,700 tons.