COPPER PRICES END YEAR WITH WHIMPER

摘要

As the market settles into its seasonal lull, LME copper prices continue to trade in meagre volumes. Many traders have resigned themselves to a festive period of low trading activity. Copper briefly broke its support level of 1,600 dollars per tonne, basis three months, hitting a recent low of 1,592 dollars earlier this week. Though the red metal quickly regrouped, to close above the 1,600 dollars level, some traders believe it is still vulnerable on the downside. Copper is considered by many to be temporarily overbought, with 1,580 dollars the key near-term support. Thin volumes may increase market volatility over Christmas, and one trader warned that "copper remains extremely vulnerable to long liquidation".