LME Review September 21

LME Commentary On September 21, aluminum and copper futures closed at a five-month high on Tuesday, helped by fund buying. A trader said: “The main reason is fund buying, but the technical factors are also good.” “Aluminium buying sparked copper buying. Then stop-loss orders emerged. In view of the current fund and technical potential, the price may rise further. "Man Metals analyst Mel said:" Aluminum looks very strong. In recent days has broken through several major technical points, and a large number of funds into the market. "He said:" Copper and aluminum plant strike negotiations are not progress In a smooth way, this helped boost market sentiment.” Traders said the fund bought about 12,000 aluminum contracts on Tuesday, usually about 2,000. Traders said analysts’ bullish comments on future aluminum prices at the aluminum industry conference held in Oslo also brought support. The market focuses on the interest rate decision announced by the United States at 1815 GMT. The Federal Open Market Committee (FOMC) is expected to raise rates by 25 basis points. Copper: Three-month copper rose from 2,849 to 2,900. Aluminium: Three-month aluminum rose by 49 dollars to 1,802 dollars per ton, which is higher since April 21st.

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