LME Comprehensive Trading Close Support Position Resistance 14th RSI 10th MA 30th MA
Three-month copper 3950 * 3800 * 4050 * 47 * 3907 * 3789
Three-month aluminum 1975 * 1900 * 2040 * 54 * 1956 * 1890
LONDON, October 21: Copper futures fell sharply in early trading in Europe on Friday, as the market accelerated its sell-off. After the commodity market suffered a general decline, copper prices fell from a new high above $4,000 per ton set on Thursday.
Aluminum failed to effectively break through the $2,000 per ton mark for the third time, as forward contracts sold off the market. On Thursday, aluminum hit an eight-month high.
At 0707 GMT, three-month copper was quoted in the SELECT electronic trading on the London Metal Exchange (LME) at $3,855, down from 3,950 on Thursday.
The market still fluctuates. After the European market hit a record high of 4,018 on Thursday, copper prices fell sharply in the New York market.
"Because the market is currently below 3,900, it is doubtful whether the price will continue to fall." Standard Bank London said in its daily report.
But the bank said that any price decline so far has quickly attracted buying and hit a new high later.
Analysts have repeatedly stated that before the market began to attract reflow metal repositories, participants would be reluctant to sell.
LME stocks fell slightly on Thursday, but cancellations of warehouse receipts increased. The copper of canceled warehouse receipts accounted for more than 16% of the total LME copper stocks.
At 0704 GMT, three-month aluminum fell to 1,935, down 40 dollars.
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