LME copper and aluminum futures outlook: Copper is overbought but not showing signs of correction

LME composite trading closing support resistance 14th RSI 10th MA 30th MA three-month copper 3524/25 * 3435 * 3600 * 72 * 3429 * 3366 three-month aluminum 1865/66 * 1850 * 1900 * 65 * 1833 * 1733 London, July 29: The London Metal Exchange (LME) copper rose to a record high of US$3,545 per tonne on Friday. The technical chart shows that it has been overbought, but the market has yet to show signs of correction. Greenwich Mean Time 0649, three The monthly copper price was 3,533/36 US dollars per tonne, which was an increase of 11 U.S. dollars from the comprehensive trading price in late evening on Thursday. The copper gains for the period have continued for a long time, and the increase is much higher than many market participants had previously expected. The reason for this round of gains There are: ever-decreasing inventory, technical tensions, and continued supply disruptions and shutdowns. A European trader said, “The copper is overheating, but you can’t stand idly by.” Standard Bank London said in the report that the fundamentals of continued tension attracted New fund buying has forced many traders who made wrong direction to be covered. LME trader Triland Metals stated that the market is moving towards a target of 3,540/50, and will accelerate after the break, pointing straight to 3,600. However, on the chart , The indicators are heavily overbought with the relative strength index (RSI) at 72%. The prolonged decline in LME stocks may have bottomed out and the metals are now entering the warehouse. Aluminum futures are expected to break through 1,850 after hitting a three-month high on Thursday. The gains were consolidated. Three-month aluminum futures fell by US$1,864/67 to US$1,864/67.