LME composite trading closing support level resistance 14th RSI 10th MA 30th MA three-month copper 3878 * 3800 * 4050 * 48 * 3904 * 3853 three-month aluminum 1950 * 1900 * 2040 * 52 * 1957 * 1912
LONDON, October 31: During the London Metals Industry Conference this week, copper prices in the London Metal Exchange (LME) period will fluctuate drastically in light conditions.
Some traders said that there is a possibility of an uptrend in the mid-term, but the trend will be clear during the LME annual meeting.
At 0903 GMT, the three-month copper price was 3,890.0/3,895.0 US dollars per ton, and the closing price of the composite transaction on Friday night was 3,878.
“We still believe that copper prices will rise in the coming weeks and stay on top of the $4,000 level. But before the end of next week, copper will remain highly volatile,†Triland Metals said in its weekly report.
The LME annual meeting is scheduled to be held in London this week. Traders and senior people in the industry will attend the meeting to discuss the market trend.
Concerns over supply shortages have eased and may have weighed on the market as the Canadian Auto Workers Union approved a three-year contract for workers at the Kidd Creek factory at Falconbridge, ending the four-week strike.
Kidd Creek is expected to produce approximately 130,000 tons of refined copper and 135 thousand tons of zinc this year. This is approximately 0.7% of global copper production and 1% of global zinc production, respectively.
Aluminum was reported at 1,952/1,956 US dollars per ton.
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