LME Comprehensive Trading Close Support Position Resistance 14th RSI 10th MA 30th MA
Three-month copper 3585/86 * 3550 * 3630 * 50 * 3619 * 3595
Three-month aluminum 1862/63 * 1800 * 1870 * 49 * 1859 * 1883
LONDON, September 14: The London Metal Exchange (LME) copper is expected to sideways in the 3,530/3,550 and 3,620/3,630 areas on Wednesday.
However, aluminum seems to be inclined to the next gear, as technical indicators gradually tend to balance.
Today's market is expected to remain low-key as investment funds are not buying well and speculative funds are now pouring more into the oil market.
Copper futures investors will pay close attention to LME inventories at 0800 GMT. On Tuesday, LME copper stocks soared 6% to a 10-month high.
However, the persistent counter-offset condition inhibited short selling.
A trader said, “Current copper is currently under support and investors do not want copper prices to fall. However, copper prices will eventually fall. This is only a matter of time. We expect support will be around 3,530 and resistance will be around 3,670.â€
At 0658 GMT, the three-month copper was at 3,582/87 per ton, down $3 from the closing price of the composite transaction on Tuesday evening.
Aluminium fell slightly in early trading, currently trading in a range of 1,820-1,870 US dollars, and tends to the next gear.
Three-month aluminum reported 1,860/62, down 2 dollars.