Prospects for LME Copper and Aluminum Futures: Copper Futures

LME composite trading closing support level resistance level 14th RSI 10th MA 30th MA three-month copper 3975.00 * 3900 * 4000 * 73 * 1985 * 1934 three-month aluminum 2027.00 * 1980 * 2030 * 66 * 3930 * 3889
London, Nov. 7 news: The London Metal Exchange (LME) copper was helped by a slight increase in fund buying at the beginning of Monday, as investors got rid of the impact of the increase in copper stocks in China and turned to supply-side tensions.


At 0755 GMT, three-month copper rose to 3,990/3,995 US dollars per ton, and the London Composite Market closed at 3,975 on Friday.


A Japanese trader stated that “previously there have been some buying in the US and Asian markets, and the supply side has apparently remained tense recently.”


Shanghai Futures Exchange copper prices rose, the main January contract rose 440 yuan to 37,000 yuan per ton.

Traders said that copper prices are likely to hover around the $100 range.
Aluminum has retraced slightly from its 10-year high of $2,040 per tonne touched last week, but is still strongly supported by higher energy prices and more fund buying.
Three-month aluminum was quoted at $2,030/2,040 per tonne, and the London Composite Market closed at 2,027 on Friday.

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