LME copper is expected to challenge aluminum limitation in the 16-year high

Analysts Monday (November 22) said that the London Metal Exchange (LME) copper is expected to challenge the recent 16-year high hit last month, but aluminum may be under pressure from both fundamental and technical attacks. Aluminum had limited movements last week, and aluminum stocks may increase. The short-term aluminum may be under negative pressure. Stanadard Bank said in its daily report, “The continued influx of aluminum to Asia has led to a rise in the current inventory of LME and a downward trend in prices. Considering that China will have more aluminum exports by the end of the year, the aluminum is bearish in short-term. “China may cancel the aluminum export tax rebate policy before the end of the year. Copper is expected to hit the recent 16-year high of US$3,175 per tonne touched last month. Firstly, it broke the block near 3,085. A trader said, "The copper is still showing a rising trend and it seems to have good support for the drop." At 0756 GMT, the three-month copper futures price was 3,045/50, which was about 3,076 lower than the composite trading level of last Friday. 31 US dollars. 0803 GMT, three-month aluminum fell 6 US dollars to 1,786/90 per ton. Three-month comprehensive trading support resistance at 14th RSI on the 10th MA 30th MA copper 3076 * 3000 * 3100 * 64.4 * 3011 * 2900 aluminum 1792 * 1780 * 1830 * 43.3 * 1799 * 17 83

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