Prospects for LME copper and aluminum futures: Copper material will consolidate below historical highs

LME composite trading closing support resistance 14th RSI 10th MA 30th MA three-month copper 3449/50 * 3435 * 3500 * 65 * 3396 * 3352 three-month aluminum 1825/26 * 1790 * 1850 * 58 * 1827 * 1775 London, July 27: Dealers said on Wednesday that the London Metal Exchange (LME) copper futures will consolidate below the historical high touched earlier this week, away from the overbought technical zone, but before the stock data later Investors were hesitant to trade. Traders also said that aluminum is currently at a neutral level and there are few signs that the market will break the current trading range. Copper hit a record high of US$3,482 per tonne on Monday. It fell, but still found some support above the previous upper resistance at $3,435. A trader said that "the copper is only slightly weak at the moment and may rise again to a new high, but there is not much volume to match. "We have to look at the changes in LME stocks today. If it goes up, some nervous longs may go out," he said. Copper stocks have increased by 1,325 tons since the 31-year low in two days. Standard Bank London A report said: "The cancellation of warehouse receipts has been At a very low level, it is predicted that the outflow of the stock may be depleting, at least the stock level has bottomed out." The serious supply shortage in the market has also eased slightly, and the spot/three-month reverse price spread is 235/240 US dollars, which was exceeded earlier this week. 250 US dollars. At 0650 GMT, the three-month copper was at US$3,442/47 per tonne, which was US$7 lower than yesterday’s evening composite deal. Three-month aluminum fell US$6 to 1,819/23 per tonne. Bache Financial is reporting "Aluminum market lost its rising energy and the 10-day moving average turned around. If it breaks below the 1,795/1,800 support level, it will look down to 1,775/1,780, even pointing to 1,755/1,760."