-------------------------------------------------------------- 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.