The following is a daily review of metals trading issued on November 9 by Amalgamated Metal Trading Limited (AMT), a leading brokerage firm of the London Metal Exchange (LME).
Bronze: Although copper oscillations in the good support boost period near 3920 U.S. dollars/ton have risen, the potential resistance above 3,970 U.S. dollars per ton has been strong, and the copper rebound may be fleeting. It is expected that the copper price will continue to trade moderately in this interval, but it will tend to be higher in the end.
Aluminium: As the futures price fluctuates again from $2,000/tonne to $2025/tonne, the lead-market trading has returned to a quiet state.
Lead: Lead opened steady, but the resistance near 990 US dollars / ton is strong. It is expected that these resistances will eventually be broken and lead prices will continue to rise, but the upward trend is heavy.
Zinc: The zinc held steady throughout the day and was tested at $1590/tonne in the morning. It is expected that despite the fund buying support, zinc will continue to show a heavy trend.
Tin: Trading on the 9th was extremely boring. Although the market outlook is still down, it is expected that there will be a rebound.
Nickel: Since the 9-day nickel did not continue the upward trend of the overnight closing, the market liquidated and thus pushed the nickel price to close at the intraday low. This may mean that nickel prices will test recent lows.
Bronze: Although copper oscillations in the good support boost period near 3920 U.S. dollars/ton have risen, the potential resistance above 3,970 U.S. dollars per ton has been strong, and the copper rebound may be fleeting. It is expected that the copper price will continue to trade moderately in this interval, but it will tend to be higher in the end.
Aluminium: As the futures price fluctuates again from $2,000/tonne to $2025/tonne, the lead-market trading has returned to a quiet state.
Lead: Lead opened steady, but the resistance near 990 US dollars / ton is strong. It is expected that these resistances will eventually be broken and lead prices will continue to rise, but the upward trend is heavy.
Zinc: The zinc held steady throughout the day and was tested at $1590/tonne in the morning. It is expected that despite the fund buying support, zinc will continue to show a heavy trend.
Tin: Trading on the 9th was extremely boring. Although the market outlook is still down, it is expected that there will be a rebound.
Nickel: Since the 9-day nickel did not continue the upward trend of the overnight closing, the market liquidated and thus pushed the nickel price to close at the intraday low. This may mean that nickel prices will test recent lows.