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Prospects for LME Copper and Aluminum Futures: Copper futures are holding steady but long-term trend is not optimistic
Three-month composite trading closing support resistance at 14th RSI on the 10th MA 30th MA period copper 3006 * 2950 * 3030 * 26 * 3106 * 3188 aluminum 1734 * 1710 * 1800 * 31 * 1752 * 1829 London May 18 news : Traders said on Wednesday that the metal prices of LME metals held steady at the beginning of the week and that the market has been consolidating after massive sell-offs last week, but the market is still not optimistic in the long term. A Tokyo dealer said: The aluminum market has remained quiet and there is not much buying interest in Japan.†“In the short-term, the copper material will fall back to US$3,050, but it is not optimistic in the long term.†0757 GMT, US$3,005/10 per tonne London's closing price was US$3,006 on Tuesday. Compared to the record high of US$3,336/38 hit in mid-April, copper futures have fallen by more than 10%. Copper futures are under downward pressure. Due to sufficient supply, especially in the Chinese market, China consumes global copper. The output is about 20%. Three-month aluminum was quoted at $1,730/33 per ton, down $4 from Tuesday's closing price. Technical analysts said that the technical pattern of aluminum prices is mixed. The RSI is oversold. Return to the neutral zone. But the moving average points to aluminum prices continue to Date: 2005-5-18