Aluminium, copper seen mixed on LME

Aluminium, copper seen mixed on LME

REUTERS

London: Copper and aluminium trade on the London Metal Exchange was seen mixed, with nearby resistance in both raising the possibility of end-of-week profit taking on the week's rallies, dealers and analysts said. Copper - Last Thursday's bright economic data from major consumer Japan helped speculative LME buying but the upside appeared limited as consumers failed to bite and copper fell back. "Good support should be offered at $1,420/tonne, while the next challenge is to break and hold above $1,440/tonne," said Warburg Dillon Read in a report. "If achieved, $1,460 and $1,480 are the next tarets on the upside," it added. "Technically, a successful clearance of $1,430 resistance puts the market on course to tackle the tougher resistance between $1,450-80 which acted as support on the way down," said Brandeis (Brokers) Ltd in its report. "If these levels cannot be breached then sideways trading looks likely," it added.

"The relative strength indicators suggest a continuation of these gains towardsresistance at $1,450," said brokers Rudolf Wolff. "However, should we see a further failure at this level," he added further.

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