LME Comprehensive Trading Close Support Position Resistance 14th RSI 10th MA 30th MA
Three-month copper 4233 * 4175 * 4275 * 71 * 4190 * 4042
Three-month aluminum 2124 * 2100 * 2155 * 77 * 2076 * 2020
LONDON, November 30: The London Metal Exchange (LME) copper strengthened earlier in the European market on Wednesday, hitting a record high during Asian trading hours, supported by fund buying, short covering and firm copper prices in China.
At 0750 GMT, the three-month copper was at US$4,250/4,255 per tonne, higher than the US$4,233 at the late trading session on Tuesday.
In the Asian market, copper prices hit a record high of US$4,265/4,275.
“European institutional investors, such as German banks and pension funds in Britain, are considering increasing investment in commodities. If this is the case, commodity prices will soar,†said a trader.
He added that "even if China sells a large amount of copper in the market, it will be bought."
China's State Reserve Bureau said it will sell reserves of copper to cool down the price of copper. The State Reserve Bureau is at the heart of market rumors. Market speculations that a trader representing the State Reserve Bureau (SRB) has established a large short position on the London Metal Exchange (LME). Parts.
However, the price of copper has not fallen. Copper prices have risen more than 8% since the record high this month.
The market basically ignores the fact that the copper supply gap is continuously shrinking. The International Copper Research Organization (ICSG) stated in its monthly report in November that from January to August this year, the global refined copper consumption exceeded the output by 114,000 tons, and the supply gap in the same period of last year was 765,000. Ton.
** Aluminium prices are strong**
Aluminum is also on the up side, hitting a 10-year high of $2,132 hit on Tuesday. At 0755 GMT, three-month aluminum gained $1 to $2,125/2,128.
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