LME Comprehensive Trading Close Support Position Resistance 14th RSI 10th MA 30th MA
Three-month copper 4,137 * 4000 * 4200 * 81 * 4031 * 3947
Three-month aluminum 2,006 * 2000 * 2100 * 51 * 2023 * 1976
London, November 16 news: London Metal Exchange (LME) copper unchanged in early trading Wednesday, only slightly below the record high touched on Tuesday. Tuesday market speculated that a Chinese state-owned institutions held large short positions, pushing copper prices to high Bit.
A Singapore dealer said: "The Asian market is quiet. Consumers think the price is too high, and there is uncertainty in China."
At 0757 GMT, the three-month copper price was US$4,133/4,138 per ton, which was lower than the Tuesday's closing price of 4,137 and a record high of 4,174.
Rumors that a trader at the National Reserve Bank of China may hold a large short position because of rumors that copper rose from below 4,000 on Thursday. However, a senior official of the State Reserve Bureau stated that there is no evidence of this short position. If there is such a position, it is also In this trader's own account.
The three-month aluminum reported at 2,000/2,007, which fell by more than 2% at the end of Tuesday to close at 2,006.
The aforementioned Singapore dealer stated that the selling may come from investors who intend to switch between aluminum futures and futures copper. "Aluminium may fall below 2,000, but it should rebound. It will look bullish next year."
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