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Prospects for LME Copper and Aluminum Futures: Copper market at the beginning of the upturn concerns the supply situation
Three months composite trading closing support resistance at 14th RSI on the 10th MA 30th MA period copper 3358 * 3250 * 3435 * 61 * 3364 * 3234 aluminum 1738 * 1690 * 1800 * 45 * 1756 * 1747 London June 30 news : Dealers said that the London Metal Exchange (LME) copper held steady at the beginning of Thursday. For most basic metals, the theme is still profit taking, but investors are wary of copper supply disruptions. An Asian trader said: "This week, funds are often sold early in the London trading session and may continue this pattern today." Copper was pressured by fund settlement on Wednesday and fell to US$3,280 per ton, rebounding later because the sell order did not trigger a stop order. Greenway At 0700, the three-month copper price was at US$3,363/68 per ton, and Wednesday's composite trading closed at 3,358. Analysts warned that high copper prices may not match the fundamentals of supply and demand. Citigroup’s Global Commodity Analyst Seap said 2005 In the first half of the year, about 400,000 tons of copper smelting capacity was discontinued due to maintenance. In the second half of the year, the production capacity for maintenance shutdown will be only one tenth of this amount. Jeroen Thijs, head of Asian metals and mining at ABN Amro, said, “Once investors start meaning Knowing that the price of copper deviated from the fundamentals, copper prices may decline rapidly." However, the threat of disruptions in the supply of copper from Zambia, Chile, and the United States, coupled with the fact that inventory is at a 30-year low, means that copper may unexpectedly rise to high levels. Three-month aluminum A ton of $1,736/38 was down $2 from the closing price of the composite transaction on Wednesday evening.