Prospects for LME copper and aluminum futures: Copper is expected to break the psychological barrier of $4,000
LME composite trading closing support resistance 14th RSI 10th MA 30th MA
Three-month copper 3950 * 3800 * 4000 * 66 * 3903 * 3757
Three-month aluminum 1999 * 1900 * 2040 * 78 * 1935 * 1878
London October 18 news: London Metal Exchange (LME) copper investors will focus on the psychological level of 4,000 US dollars on Tuesday, before yesterday's copper has recovered from the decline.
Although aluminum and zinc futures were weaker in the morning, they are all expected to reach new highs.
At 0705 GMT, the three-month copper was quoted at $3,966, which was $15 higher than Monday's consolidated trading.
A trader said, "I have no doubt that the price of copper has exceeded $4,000 at the end."
The price of copper fell by about $20 from the record high of $3,985 hit on Tuesday. The market fell last weekend and the fund settled down, causing copper prices to fall by $200, but the low purchases quickly pushed copper prices back up.
Some traders also reported that the physical buying interest in the European market has increased. Traders said, "The renewed interest in physical goods, including the purchase of zinc, lead and copper, buyers have provided some support."
Barclays Capital said in its weekly report that the base metals continue to generate positive returns. Each fall has received solid buying support, resulting in a lower upward shift, keeping the overall upward trend intact. “We continue to believe that we should buy on the low side. â€
Aluminium appears to have relatively high kinetic energy and once rose to a higher point of 2,000 U.S. dollars since mid-March. Traders currently target 2016 dollars as a target, which is the higher point hit in March, and it is also 10 years. Higher.
Standard Bank London believes that aluminum prices remain strong, and the market outlook will become one of the leaders.
Three-month aluminum was a new report at 1,989/92 dollars, down by 10 dollars.
Three-month zinc also fell from 1,520 US dollars to 1,514/19 US dollars, hit an eight-year high of 1,522 US dollars per ton in the previous trading day.
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