LONDON, July 12: The three-month copper of the LME traded strongly in early trading on Tuesday and will rise further thereafter, but traders do not expect copper prices to soar to the record high of US$3,435 hit last week. At 0650 GMT, three-month copper was quoted at US$3,372/77 per tonne, higher than Monday's closing price. A trader in Asia said, “The market is already strong, but it has been fluctuating in the range within the past two trading days. It is difficult to observe the next trend.†New York copper touched a 16-year high on Monday and the market got rid of Placer Dome located in Chile. Zaldivar copper miners ended the strike for a week. Copper also edged higher during Asian trading hours, making the price only less than 2% below its record high set last month. Traders said that lower LME inventories and spot/three-month contract price spreads supported copper prices higher, although traders believe that copper prices will weaken before the release of important US economic data this week. LME stocks fell by 675 tons on Monday to 28,475 tons in 31-year lows, while the premium for spot/three-month contracts rose from US$235 to US$260 per tonne. Aluminum will also expand gains, and some traders believe that 1,850 US dollars is a strong resistance. At 0650 GMT, three-month aluminum was quoted at $1,816/20 per tonne, down $1 from the closing price on Monday. The United States will publish a series of economic data this week, which will provide clues to the trend of the US dollar, including trade balance data to be released on Wednesday and consumer price index and retail sales data on Thursday. LME closing support resistance level 14th RSI 10th MA 30th MA period copper 3,365.00 3350 3400 Aluminum 1,817.00 1800 1850
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