LME Copper and Aluminum Futures: Copper Futures

LME Comprehensive Trading Close Support Position Resistance 14th RSI 10th MA 30th MA
Three-month copper 3905.00 * 3900 * 4000 * 63 * 3880 * 3735

Three-month aluminum 1933.00 * 1900 * 1950 * 77 * 1890 * 1864

LONDON, October 13: The London Metal Exchange (LME) copper rose slightly at the beginning of Thursday and the market was extremely light, while aluminum, which hit an eight-month high yesterday, slipped.

Traders are still worried about a sharp fall in copper prices, and LME copper fell sharply from a record high on Wednesday.

McMillan, a metal strategist at Bache Financial, said: "If the price of copper continues to rise, it may suffer deep losses. However, no one has enough courage (fighting courage) to really short."

At 0641 GMT, the three-month copper was quoted at $3,906 a tonne on the LME Select electronically, up $1 from the late composite trade late Wednesday, and the volume was only 36 lots.

Standard Bank London said in the report: “Investors are eager to see adjustments and they are afraid to take the blame. This anxiety has increased the continued volatility of copper prices.”

“Their psychological problem is whether this is the beginning of a possible major setback, or is it an opportunity for traders to look for a profit and give them hope to re-enter the market?”

LME three-month aluminum reported $1,949, down $5. Spot/three-month reverse spread narrowed from $19 to $3/5.

Carlson of Triland Metals stated in the report that aluminum needs to be recaptured above 1950/55 in order to maintain its current upward momentum. At present, it may form a false breakthrough for the 1,950 level.