LME Comprehensive Trading Close Support Position Resistance 14th RSI 10th MA 30th MA
Three-month copper 4215 * 4000 * 4300 * 84 * 4123 * 3983
Three-month aluminum 2065 * 2000 * 2100 * 69 * 2033 * 1994
London, November 22: Three-month copper on the London Metal Exchange (LME) weakened early on Tuesday, with many traders mostly waiting on the sidelines, bewildered by the possible short positions in China.
At 0739 GMT, the three-month copper price was US$4,210 per ton, a drop of US$5 from the closing price on Monday. The volume was very thin with just 30 hands.
Bache Financial Metals analyst said in the daily report that the entire copper market is paying attention to the State Reserve of China.
The State Reserve Bureau is currently at the center of the rumor, and it is rumored that its next trader will establish a short position of 150,000-20,000 tons of copper in the LME, betting that the price of copper will fall, but the price of copper will go its own way and hit new highs.
Current market rumors suggest that these sites will be extended to 2006 or 2007.
Macmillan said, "A significant feature of recent transactions is that a stockbroker of the SRB borrows a specific quarter of the future, which implies that it is rolling out its own parts."
Since last Friday, the cash/three-month spread has also dropped below $200.
Three-month aluminum fell by 5 US dollars to 2,060 US dollars per ton. On Monday, it hit a 10-year high of 2,069 US dollars.
Roy Carson of LME's broker Triland Metals said in a report that it is expected that after the aluminum breakthrough of 2,070 US dollars, it is expected to explore 2,100 US dollars.
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