Three months composite trading closing support resistance at 14th RSI on the 10th MA 30th MA period copper 3368 * 3250 * 3435 * 66 * 3342 * 3200 aluminum 1756 * 1690 * 1800 * 51 * 1758 * 1848 London June 27 message : Copper prices on the London Metal Exchange (LME) Monday morning in the European market may challenge record highs, supported by uncertainties in low inventories and copper mines in Chile and Zambia. “Overseas market emerges Chinese buying and continues to the scene. During the previous trading session, "a LME trader said," The futures market seems to be firmer, and copper may test $3,435 a tonne earlier today." Last week, copper hit a record high of $3,435 before plummeting. Last Friday LME Copper inventories fell to a low level of 32,100 tons in 30 years, and are expected to decline further, as 9,900 tons of canceled warehouse receipts will go out of stock. "If the inventory declining trend in the past one month continues, then by the beginning of August LME stocks will Was depleted," Deutsche Bank said in a report. Spot / three-month reverse spreads held steady at $ 260/270, slightly lower than the nine-and-a-half-year high of $ 275 hit last week. Traders said Chile and Zambian copper mine supplies may be interrupted It also formed support for copper. At 0708 GMT, three-month copper was at $3,373/78, which was $5 higher than the closing price of late-night composite trading on Friday. Aluminum held steady, subject to copper gains and strong technical outlook. Support. Three-month aluminum was quoted at $1,754/58, down $2 from last Friday's composite trading closing level.
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