LME composite trading closing support position Resistance level 14th RSI 10th MA 30th MA Three-month copper 3623 * 3500 * 3665 * 60 * 3583 * 3595 three-month aluminum 1824 * 1750 * 1845 * 41 * 1838 * 1873
LONDON, September 20: The London Metal Exchange (LME) copper futures are expected to fluctuate on Tuesday as the Gulf of Mexico is hit by new storms, causing oil prices to rise again, prompting speculators to reinvest their funds into the commodity market.
Copper rose by nearly 4% on Monday, but traders said that trading volume is scarce and the gains are magnified.
“At present, it seems that the fund is still favored by commodities. The storm has made the market atmosphere tense,†a trader said.
"Because prior Katrina had disrupted oil production, if there was another hurricane... Now everyone is nervous and all the goods are online. The market is now frightened."
Meteorologists said that Tropical Storm Rita will attack Florida on Tuesday and it is expected that the storm will be upgraded to a hurricane after passing warmer water. Some meteorologists believe that this storm directly affects the main energy producing regions. The probability is 40%.
At 0709 GMT, the three-month copper was at US$3,640/45 per ton, which was a US$17 increase from Monday's composite trading closing at Monday's close.
During the follow-up period of aluminum, copper rose and returned above the $1,800 level, but aluminum was mainly driven by copper and struggled.
Three-month aluminum was quoted at $1,817/1,820.50, and yesterday's late-night composite trade closed at 1,824.
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