LME Comprehensive Trading Close Support Position Resistance 14th RSI 10th MA 30th MA
Three-month copper 3786 * 3725 * 3850 * 76 * 3721 * 3643
Three-month aluminum 1855 * 1810 * 1900 * 54 * 1847 * 1863
LONDON, September 29: Dealers report that the London Metal Exchange (LME) copper hit a new high on Thursday, supported by the strong demand outlook for the reconstruction of the hurricane-affected area in the United States, and the news that a major smelter in Canada may go on strike also raised copper prices. .
Three-month copper was quoted at $3,830/ton in the Select electronic trading system, 3,824/29 at 0658 GMT, and closed at 3,786 on Wednesday.
A European trader said: "Some people are pushing up the market. Perhaps it is because of the consideration of the end of the season and beautification. There may be some settlements at the beginning of the next season."
Analysts said that the reconstruction of the disaster area in the US Bay will stimulate the rise in metal demand.
Traders said that trade unions were pessimistic about the labor negotiations of a major smelter, which may also boost copper prices.
A union spokesman for Canadian copper-zinc producer Falconbridge said there are still some issues to be resolved.
LME's global copper stocks increased by 125 tons on Wednesday to 84,050 tons, more than double the 31-year low at the end of July, but still not enough to meet the global two-day consumption.
Spot / three months reverse price spread is about 175 US dollars.
Traders said, “When the spot copper price rose to 4,000 U.S. dollars on Wednesday, the exchanges cheered. Three-month copper is also expected to test this level. However, if it fails to rise to this level, copper prices may drop sharply and may fall to $3,500-3,550."
Three-month aluminum fell slightly by 1 US dollar to 1,854/59.
The aforementioned dealers stated that “the performance of aluminum futures is not as bright as that of copper. The resistance below $1,900 has restrained the market, but there will be support near 1,800.â€
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