LME Comprehensive Trading Close Support Position Resistance 14th RSI 10th MA 30th MA Three-month copper 4139/40 * 4000 * 4200 * 71 * 4031 * 3947 Three-month aluminum 2010/12 * 2000 * 2100 * 56 * 2023 * 1976 LONDON, November 17: The London Metal Exchange (LME) copper closed near record highs early Thursday and the market is trying to gauge China's intentions of exporting and shorting. A trader said: "It is not clear what will happen next month, but the market supply is tight, the reverse price difference is more than 200 US dollars, the decline will be more limited." Three-month copper rose to a record high of 4,180 US dollars per ton. On Wednesday evening, the composite transaction closed at 4,139/4,140, ​​and the settlement price was reported at 4,162/4,171. China may export up to 200,000 tons of copper through the China National Materials Reserve Bureau, which is more than three times the LME global inventory. The China National Materials Reserve Bureau hopes to lower the price of copper and make up for the huge losses that copper short positions may bring. . At present, China's National Bureau of Materials Reserves is the focus of market speculation. A trader of the Bureau has established a short position of 152-200,000 tons of copper, betting that the price of copper has fallen, but the current price of copper has soared to a record high. The International Copper Research Organization (ICSG) said Thursday that there will be a surplus of about 300,000 tons of refined copper in the world next year and a shortage of 120,000 tons this year. Analysts had expected this for a long time and it has not caused any impact on the market. Three-month aluminum rose, LME inventories rose by 11% to 550,900 tons on Wednesday, after the market expected the inventory will also increase, but the aluminum trend out of this expectation. Aluminum reported 2,020/25, up 10 US dollars.
