LME Comprehensive Trading Close Support Position Resistance 14th RSI 10th MA 30th MA
Three-month copper 4223 * 4000 * 4245 * 66 * 4177 * 4030
Three-month aluminum 2116 * 2000 * 2150 * 76 * 2064 * 2015
LONDON, November 29: Copper futures traded little in early trade on Tuesday, but traders said that copper prices are more likely to rise in the short-term than to fall.
At 0747 GMT, the three-month copper was at $4,210/15 per ton, which was $11 lower than the composite trading price on Monday, but it was still close to the record high of 4,243 at November 18th.
"The basic metals market closed well on Monday. The euro is higher and the yen is stable, so there should be more buying interest," said a European trader.
"Consumer buying has continued to emerge. Consumers are buying at their lower limit, but we still receive requests every day," he added.
Analysts said that since the beginning of July, the market has risen more than 30%, and any drop will have an influx of buying. This is a signal that the market will continue to rise.
Three-month aluminum was quoted at $2,119/2,123, higher than Monday's closing price of 2,116. The market's record high reached 2,155 in February 1995.
Traders said, “Aluminium prices appear to be strong, and it may be a more serious undervalued value in the base metals. I think people may be waiting for aluminum prices to continue to rise, and then clear the site.â€
From the fundamental point of view, the market is more.
It is expected that China will double its primary aluminum export tax next year and reduce its supply to the global market. The mining giant BHP Billiton said on Monday that by 2015, China will consume 20 million tons of aluminum each year. Annual demand will exceed 50 million tons.
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