LME copper and aluminum futures outlook: It is expected that copper prices will further increase

LME Comprehensive Trading Close Support Position Resistance 14th RSI 10th MA 30th MA Three-month copper 4236 * 4000 * 4245 * 64 * 4167 * 4021 Three-month aluminum 2105 * 2000 * 2150 * 69 * 2051 * 2010 London November 28 news: Although the dollar is firm, but the London Metal Exchange (LME) copper still attracted a small amount of buying in the European market on Monday morning, had previously declined in overseas markets, most traders expect copper prices will further increase. At 0749 GMT, the three-month copper was at US$4,214 per tonne, down US$22 from last Friday's close but higher than the low of 4,185 hit during Asian trading hours. “Overseas market trading was sparse, but there were some buying in Europe in the morning, which was a bit surprising.” A trader said he was referring to the fact that a regaining of the US dollar may prevent investors from investing in dollar-denominated products. Traders are still worried about the trend of Chinese trader Liu Qibing and its impact on the market. Market sources believe he has established a large number of short positions in the LME. China is trying to cool the market. Its authorities sell copper stocks at home and ship copper to LME's warehouses in South Korea and Singapore. Aluminum prices in overseas markets fell below US$2,100 per ton, and three-month aluminum futures reported US$2,097 per ton, down US$8. Aluminum prices hit a high of 2,105 dollars since early 1995.

Posted on