MARKET TALK: LME Copper, Aluminum Fall On Profit-Taking

LME copper and aluminum decline on profit-taking after key resistance levels were touched Monday, says Jorge Vazquez of Harbor Intelligence. On Monday, copper jumped through the key level of $8,000/ton to hit a fresh two-month high. However, the pullback should be temporary due to the drop in the US dollar against the euro and dwindling LME inventories with more gains expected over the near-term, says Vazquez. LME copper stocks are -16% from month-ago levels. LME copper trades at $7,880/ton, -1.3% from Monday while aluminum trades at $2,801/ton, -0.4% from Monday.