copper and alluminium news

  1. 2,154 Posts.
    --------------------------------------------------------------
    3 MONTH CLOSE * SUPPORT * RESIST * RSI14 * MA10 * MA30
    COPPER 1638/41 * 1635 * 1680 * 56.4 * 1613 * 1619
    ALUMINIUM 1350/53 * 1340 * 1360 * 31.9 * 1352 * 1371
    --------------- VIEWS FROM THE MARKET - Jan 13 ---------------
    LONDON, Jan 13 (Reuters) - Copper was expected to
    consolidate on the London Metal Exchange on Monday after last
    week's rally came to an abrupt end on Friday when
    weaker-than-expected U.S. payroll data slammed the metal.
    LME aluminium proved to be a little more resilient than
    copper, but the market remains stuck in a range, albeit
    reasonably well supported at the lower end, analysts said.
    Base metals were sent crashing on Friday following the
    release of data showing a surprise fall in U.S. employment in
    December, highlighting the fragility of hopes for an upturn in
    the economy.

    COPPER - Technically, Friday's correction was unsurprising
    given the speed of copper's ascent during the week and although
    further slippage was on the cards, support was seen holding
    around $1,610 a tonne, analysts said.
    "We still remain friendly despite this setback, but the
    market may well slip slightly further to $1,610/1,620," LME
    trader Amalgamated Metal Trading Limited said in a daily report.
    Prudential Bache saw further consolidation or correction as
    the market continues to work off its overbought condition.
    "In the even of the latter, a close below the noted support
    ($1,640/1,635) would target $1,620/15," it said in a report.
    At 0733 GMT three-months copper was quoted at
    $1,649/50 a tonne, up from Friday's late close at $1,638/41.

    ALUMINIUM - The market was expected to remain trapped in a
    range between producer selling and consumer buying, although the
    latter was seen holding the market above $1,340, analysts said.
    "Even though aluminium did not follow copper's fast pace, at
    least the fall was also smaller, still reflecting good consumer
    demand," Triland Metals said in a daily report.
    The LME trader noted in a weekly research note that funds
    and speculators were probably still holding a short position in
    the market, which should temper further weakness in the short
    term.
    "Nevertheless a further slide to $1,320 and even $1,300 is
    quite conceivable," it said, adding that the fundamental outlook
    for the metal remained mostly negative.
    At 0739 GMT three-months aluminium was quoted at
    $1,354/55, up from Friday's late close at $1,350/53.
 
arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.