LME composite trading closing support level resistance 14th RSI 10th MA 30th MA three-month copper 3915 * 3800 * 4050 * 54 * 3905 * 3833 three-month aluminum 1942 * 1900 * 2040 * 52 * 1960 * 1902
LONDON, October 27: The London Metal Exchange (LME) copper held steady at the beginning of Thursday, but before the option expires next week, the volatile market conditions are expected to continue.
"The futures of copper will remain in a turbulent trend. Buying and selling related to options will make the market almost impossible to trade. We still believe that copper futures will rise further, but first we need to callback to $3,800. At this level, there will be a lot of buying and demand." Traders said.
At 0912 GMT, the three-month copper was at 3,915/3,920 U.S. dollars, unchanged from Wednesday's closing level.
A Tokyo-based trader said that copper may soon test the record high of US$4,018 hit last week, as the market oscillated before the November option expired on Wednesday.
Traders said that current price volatility also reminded investors of the sharp fall in LME’s copper price last week, when the fund’s selling order caused copper to fall by more than 16% from its record high.
During the Asian trading hours, the copper fell shortly after the Mexico Group reported that its smelter and refinery workers had agreed to end the strike that lasted one day.
In addition, investors also worried that high copper prices may eventually cause manufacturers to increase production. BHP Billiton said earlier that as of September 30, the company’s copper production rose by 24% to a record 308,900 tons, thanks to Acquisition of peers, Australian WMC Resources and Escondida copper mine in Chile.
The three-month aluminum was quoted at $1,929/1,933 per tonne, and the closing level on Wednesday was 1,942.
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