LME Comprehensive Trading Close Support Position Resistance 14th RSI 10th MA 30th MA
Three-month copper 3546 * 3550 * 3630 * 41 * 3622 * 3593
Three-month aluminum 1840 * 1800 * 1870 * 35 * 1858 * 1883
LONDON, September 12: The London Metal Exchange (LME) copper price climbed in early trading Monday, cutting sharp declines that began last weekend when data showed that the supply deficit had substantially decreased in the first half of this year and caused speculators to sell.
Traders said that the early trading was very light, but the metal may recover the recent loss, because investment funds have expectations for the end of the month and the end of the quarter.
At 0655 GMT, the three-month copper was at 3,556/61 US dollars per ton.
A trader said: "After the copper fell on Friday, it may return to the current level of $3,593 today. There is a possibility of a slight consolidation."
If there is no further sell-off, he expects copper prices to rise in the coming weeks.
"The price of copper may rise further."
The September 2 copper price hit a record high of $3,725, but prices fell sharply to $3,510 a week later.
At 0700 GMT, three-month aluminum was quoted at $1,835/1,840/ton.
Standard Bank stated in its daily record that there will be buying interest below US$1,830 and the decline will be limited in the short term.