LME composite trading closing support resistance level 14th RSI 10th MA 30th MA three-month copper 3600 * 3525 * 3630 * 59 * 3598 * 3542 three-month aluminum 1892 * 1870 * 1910 * 49 * 1900 * 1877 Burger 8 On the 30th of January, the London Metal Exchange (LME) copper futures held firm on Tuesday morning, while aluminum prices remained flat as oil prices fell back from the recent highs. The LME was closed on Monday due to a public holiday in the UK. A German trader said, “It seems that the market is currently popular. It is generally positive that no major selling will occur, but at a time when prices are at such a high level, market conditions mainly depend on fund trends and profit taking.†Before the late Asian market trade, oil prices fell and came from Shanghai. The futures exchange copper support boosted LME copper and aluminum futures. The three-month copper contract at 0659 GMT was at 3,610/15 US dollars per tonne, which was higher than the closing price of late-night composite trading at 3,600 at the latest Friday night. Three-month aluminum fell to Ton 1,891/94 US dollars, to close at 1,892.50 on Friday. A Japanese trader said that he believes LME copper strength is mainly supported by Shanghai copper. "We need continuous fund buying to maintain the metal market rally. If the London market on Tuesday At the beginning of the session I wouldn't be surprised. However, if there is a lack of fund buying, it may fall later that day." He said that if oil prices rise, this may trigger more fund buying into metal and other commodity markets, although expensive energy is fundamental to metals. The negative composition of Chile's output in July has dropped sharply, which also provides some support for copper.
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