LME Review September 23

The LME commentary on September 23 that the base metals mostly closed higher on Thursday was driven by the fund’s technical buying. A trader said: “Basically, it is still the technical operation of the fund, and most of the operations seem to be concentrated on aluminum.” “LME volume initially flattened in the early afternoon, but the next active buying of COMEX began. The increase in gold prices, coupled with the increase in the price of gold, incentivized further market purchases in the market.” Copper: The three-month copper evening market closed at 2,932 US dollars per tonne and closed at 2,915 on Wednesday. Dealers expect resistance at 2,940/50, followed by 2,970/80. Man Financial analyst Meyer expects that in view of the overbought conditions of copper and aluminum futures, it is expected that further profit-taking will emerge. Analysts at Barclays Capital International stated in the report that “Aluminium will need to sort out the recent gains before the potential aluminum price hits a high of 1,850 hit in April.” Aluminum: Three-month aluminum closed at US$1,814, up 4 US dollars. 1,815/20 encountered strong resistance.

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