LME composite trading close support level Resistance level 14th RSI 10th MA 30th MA Three-month copper 3941 * 3800 * 4050 * 54 * 3912 * 3881 Three-month aluminum 2014 * 1900 * 2040 * 65 * 1974 * 1933
London, November 4 news: The London Metal Exchange (LME) copper fell slightly at the beginning of Friday, and the increase in China’s copper inventories raised doubts, but traders pointed out that the copper market is still expected to climb further.
Three-month aluminum fell back from its 10-year high of the previous day. Speculative buying triggered by rising demand and production costs has encouraged aluminum prices to soar.
At 0726 GMT, three-month copper fell to 3,929/3,934 US dollars per ton, the London Composite Market closed at 3,941 on the previous day.
Shanghai Futures Exchange said on Friday that Shanghai copper stocks increased by 17,490 tons to 64,840 tons as of Thursday, up from 14,485 tons last week.
Chinese media have reported that Beijing officials will release copper stocks to the market to lower the price of copper after government officials believe that high prices will damage the Chinese economy. However, officials have not specified the time and amount of copper reserves released.
Traders said that although the outlook for copper is still positive, it is possible to linger in the $100 range.
A slight decline in aluminum, after the fund's active buying boosted prices, triggered a small amount of profit settlement, but following the recent strong and strong, the fund is expected to switch to aluminum, the metal is still bullish.
Three-month aluminum fell to 2,003/2,007 US dollars, Thursday's London Composite Market closed at 2,014, when the aluminum hit 2,019, higher since February 1995.
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