Technical Analysis - Copper futures market outlook bullish, potential buying is good

London January 27 news, LME-based metals turned positive on Thursday morning, the market performed well yesterday, traders will be attributed to the short-term weakness in the short trap. Traders pointed out that the weakening of the US dollar also helped to move higher, but copper and aluminum prices have potential buying opportunities when they fall. At 0758 GMT, the three-month copper price was US$3,084/89 per ton, which was a US$10 increase over the composite transaction closing price of 3,074 on Wednesday evening. Some traders said that copper may gradually rise to try again at the level of 3,100 US dollars. At the beginning of this week, copper had hit a high of $3,120, but a quick sell-off weighed on copper prices. Analysts pointed out that the current copper stocks are declining, and the large increase in LME aluminum write-off warrants will boost the period of aluminum. The tight supply of the copper market pushed the spot/three-month reverse price difference to reach 160/170 dollars at the beginning of Thursday. Some analysts expect the transaction to decline further next month. In the month of Chinese Lunar New Year, the import material will be reduced to a lower level. Aluminum fell into a narrow range of fluctuations in overseas markets. The performance of sheet metal on Wednesday attracted a small amount of profits. The trader said, "Aluminium may fall back another 10 to 15 US dollars, but I expect people will return to the market and do more, so prices may rise again." He expects initial support at 1,855/60 US dollars. At 0757 GMT, three-month aluminum fell by US$1 to US$1,833/38 per ton. Three-month composite trading closing support resistance at 14th RSI on the 10th MA 30th MA on copper 3,074 * 2970 * 3175 * 63 * 3048 * 3039 aluminum 1,834 * 1782 * 1855 * 49 * 1834 * 1852

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