Three months composite trading closing support resistance at 14th RSI 10th MA 30th MA copper 3392/94 * 3300 * 3450 * 69 * 3284 * 3157 aluminum 1777/78 * 1690 * 1803 * 55 * 1738 * 1745 London 6 On the 20th of January, the London Metal Exchange (LME) copper traded near a record high of US$3,430 on Monday. Its rapid gains showed no sign of abating, as supply tensions deteriorated. After rising above $3,400 last Friday, Earlier today, copper continued its upward trend in the Asian market. Copper futures on the Shanghai Futures Exchange also rose 4% to a daily limit. Strong copper buying reappears as the immediate LME inventory tensions overshadow the long-term outlook for oversupply - the current LME Inventory is at a 31-year low. The spot/three-month inverse spread was expanded to $280/290 per ton from last Friday's $270, which was the highest level since December 1995 when the market was held by Japan's Mitsui Sumitomo Bank. Trader Binzhong Tainan was upset. Although the dominant inventory of LME, US and China exchanges is only about 80,000 tons, the inventory of producers and users is 10 times that level. Since the end of 2004, manufacturers and User inventory has risen to nearly 800,000 tons. "From the weekly chart If 3,340/3,350 USD is breached, then 3,700 will become a long-term target," said an LME trader. LME three-month copper was at 3,428/33 U.S. dollars, which was higher than the closing price of late-night composite trading on Friday. Out of 36 US dollars. Aluminum also followed the period of copper rose, after breaking 1,750 US dollars last Friday, on the level of 1,800 US dollars. Aluminum reported 1,780/85, up 3 US dollars.
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