LME copper and aluminum futures outlook: copper futures expected to continue to explore 4000 US dollars

LME Comprehensive Trading Close Support Position Resistance 14th RSI 10th MA 30th MA
Three-month copper 3915/17 * 3900 * 4000 * 72 * 3828 * 3695

Three-month aluminum 1907/08 * 1875 * 2000 * 61 * 1872 * 1858

LONDON, October 10: The London Metal Exchange (LME) copper hit a record high of US$3,939.50 per ton in Asia on Monday. Traders said that despite technical indications that the market is overheating, prices are expected to continue to rise to US$4,000.

Investment funds are still the main promoters of the copper market. Copper prices have risen by about 25% this year.

The LME trader Triland Metals stated in its daily report, “The current momentum appears to be pushing up the period price to US$3,950, then 4,000.”

At 0647 GMT, the three-month copper was at $3,930/35 per tonne, which was $15 higher than the closing price of Friday's evening session.

Aluminum is expected to consolidate above $1,900/ton, after breaking above this psychological target on Friday and rising to a six-week high.

Resistance may be at 1,915/1,920 U.S. dollars, but given the recent tightening of the contract, the price may rise further to 1,940.

Three-month aluminum reported 1,908/13 US dollars per ton, up 1 dollar.