LME Comprehensive Trading Close Support Position Resistance 14th RSI 10th MA 30th MA
Three-month copper 4384 * 4350 * 4500 * 80 * 4246 * 4091
Three-month aluminum 2190 * 2150 * 2235 * 82 * 2124 * 2046
LONDON, Dec. 5 (Reuters) - Copper prices on the London Metal Exchange (LME) fell on Monday morning in the European market. Investors locked in profits after copper reached record highs last week, but traders said copper prices are expected to rise again in the short term.
At 0758 GMT, the three-month copper price was US$4,375 per tonne, which was lower than the Friday closing price of 4,384.
"After the recent sharp increase in fund-driven growth, the market is consolidating and the market may experience uneasy and turbulent trends," Standard Bank said in a report.
"The fund has fully increased its investment in the commodity market, and the (copper) supply side tends to be loose and it is difficult to stop the fund from doing more."
Triland Metals said that copper prices may further try to challenge the new high.
The news that the State Reserve Bureau will open 30,000 tons of copper for the fourth time on Wednesday will not affect the market.
"The fund is continuing to buy. We haven't seen any signs of a turnaround, so we expect there will be more buying this week," said a Tokyo dealer.
However, analysts said that the market is still uneasy about the possibility of a major sell-off, given that the price of copper has hit record highs almost every day last week.
Three-month aluminum was flat at the closing price of 2,190 on Friday.
Insect Killer Lamp,Bl Tube,Bl Lamp,Bl Bulb
Changxing leboom lighting product CO.Ltd. , https://www.leboomuvs.com