LME Comprehensive Trading Close Support Position Resistance 14th RSI 10th MA 30th MA
Three-month copper 3933 * 3800 * 4000 * 61 * 3911 * 3778
Three-month aluminum 1980 * 1900 * 2040 * 66 * 1952 * 1886
LONDON, October 20: The London Metal Exchange (LME) copper changed little during the dreary market Thursday, and traders ponder how the market will go in the absence of fund participation.
Many traders still expect the price of copper to target $4,000 per ton, and feel that any further decline will once again attract bargain hunting.
Aluminum has so far failed to return to the $2,000 and hold on, but traders feel that they still have a chance to break.
At 0649 GMT, three-month copper was quoted at $3,940 on the SELECT electronic counter, which was $7 higher than the closing price of the composite transaction on Wednesday night.
"Copper may have to test 3,900/3,880, but I think that will be the point of purchase." A trader said.
"Aluminium will try to challenge 2,000 again to see if it can drive fund buying, but the current trend is somewhat difficult."
Analysts said that the recent market volatility caused many traders to miss.
Standard Bank London said that the longer the market remains in a stalemate, the longer the price will fluctuate.
Aluminium prices have so far failed to break through the strong resistance at 2,000, and it hit two times earlier this week. Standard Bank said that the trend is still encouraging and avoids excessive declines.
At 0658 GMT, three-month aluminum reported 1,974/78, down 6 US dollars.
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