LME composite trading closing support resistance level 14th RSI 10th MA 30th MA three-month copper 3602 * 3525 * 3670 * 55 * 3602 * 3557 three-month aluminum 1855 * 1855 * 1910 * 38 * 1887 * 1879 London 9 January 1 news: The London Metal Exchange (LME) base metal prices had little change in early trading Thursday, traders said the market is assessing the impact of Hurricane Katrina on future metal demand. Traders said that the factors supporting the metal prices are high Oil prices, and possible demand for rebuilding in the Gulf Coast area damaged by the hurricane. Adams, an analyst with BaseMetals.com, said: “All these damages will lead to a large increase in local demand, but if the energy market continues to strengthen, it will lead to slower industrial production. , which has an overall negative impact on metals.†Oil prices fell on Thursday as the government promised to lend some of its strategic reserves to refineries. The US GDP data released on Wednesday was weaker than expected and also made the market more worried. The negative impact of the hurricane on the U.S. economy outweighed the demand for reconstruction. Pioneer Futures senior trading analyst Meyer said: “The economic impact of Hurricane Katrina is harmful to copper prices. The possible benefits of reconstruction work have been eliminated.†Nearly half of the LME’s total inventory is held by New Orleans, where 500,000 tons of zinc and less other metals are stored in hurricane-damaged New Orleans warehouses. The LME stated that it may take a few days for the warehousing company to understand the loss. However, the LME said on Wednesday that the metal in the LME contract warehouse in the New Orleans warehouse is in good condition. During the 0652 GMT, the three-month zinc report 1,370/75 US dollars, higher than Wednesday's closing price of 1,369 US dollars. Three-month copper rose slightly 2 US dollars to 3,604/09 per ton, copper fell sharply in late trading on Wednesday. Three-month aluminum rose 1 US dollar to 1,856.00/ 1,859.90.
