Prospects for LME Copper and Aluminum Futures: European Round Down Dragging Base Metals

Three-month composite trading closing support resistance at 14th RSI 10th MA 30th MA copper 3,047.00 * 3000 * 3100 * 42.0 * 3049 * 3133 aluminum 1,739.00 * 1720 * 1775 * 41.0 * 1741 * 1777 London June 1 news : Traders said that the London Metal Exchange (LME) copper fell slightly at the beginning of Wednesday, as the market adjusted to the weakness of the euro, but was still supported by tight supply. Stronger U.S. dollar copper prices fell to the psychological threshold of 3,000 U.S. dollars due to Rising copper is expensive for investors holding other currencies. However, a trader said: “In the face of a weaker euro, the market can be relatively stable, which means that it will eventually rise further.” Greenwich Mean Time 0653, three months Copper futures reported at US$3,044/48 per tonne, which was a drop of US$3 from the composite transaction closing price on Tuesday evening. However, Bache Financial Ltd analyst McMillan said inventory remains low and more production problems may support copper prices. He said, “Although LME stocks rose to 600 tons last Friday, and still fell 5,625 tons this week, while Comex stocks also declined, and the Shanghai Futures Exchange has only seen a slight increase.” ABN AMRO Analyst Moore is even less inventories Viewpoint. He believes that the demand off-season is about to come, and the supply of aluminum and copper has risen, which will lead to an oversupply. Three-month aluminum has largely freed itself from the impact of an increase in inventory of 21,950 tons, which has now risen to 1,742 per ton. For $45, the late evening composite trading price on Tuesday was $1,739. McMillan believes technical support is at $1,720/15 and resistance is at $1,755/60.

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