As suggested by this report last week, copper tested 1600 dollars/ton and broke through this key psychological level without any sweat. Copper looks set to test 1580 dollars once again and the omens are that the support should hold and push prices above 1600 dollars after a short period of consolidation. However, there are sell stops just under 1580 dollars ad large shorts in the market may attempt to trigger them this week. Aluminium has been relatively resilient so far, holding just above 1350 dollars, however, the technical picture for aluminium looks worrying and loss of 1350 dollars can quickly propel three-months prices toward 1320s dollars.
NSTL
