首页|Copper, Aluminium extend losses on fund liquidation
Copper, Aluminium extend losses on fund liquidation
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NSTL
Copper and aluminium at the London Metal Exchange extended their recent losses at the end of last week after the emergence of another round of bank and fund selling and dealers have suggested that further decline is likely next week. Aluminium cleared the path lower in early trade but bargain hunting below 1,390 dollars metric ton for the three-month contract steadied the market before the last 30 minutes of trade, when further fund liquidation and book squaring forced a test of a one-month low at 1,371 dollars/ton. Copper also weathered a concerted test of psychological support at 1,600 dollars/ton but as the selling increased in late trade, this level finally gave way and the market also fell to a one month low at 1,588 dollars/ton. Scale down buying accompanied both markets helping to temper the falls but given the weak closes another push lower is likely this week. "People just wanted to play it on the safe side over the weekend and the momentum took off once the stops were hit at the support levels," said a London-based dealer. "It's left the market in a bad state and hading for another down leg next week."
NSTL
