Base Metals Mixed; Copper Falls 0.8%

NEW YORK （TheStreet） -- Base metals were mixed Monday on a weakening dollar index.

Meanwhile, all the eurozone confidence indicators are expected to come in higher and the U.S. Dallas Fed Manufacturing Activity is likely to rise as well, helping to give base metals a lift throughout the day. The Dallas Fed Manufacturing Activity for November is likely to come in at 3, up from 2.6 recorded in October.

Copper

Copper for three-month delivery fell 0.8% to $8,175 per metric tonne on the London Metal Exchange on China's monetary tightening policies. After the extended streak of declines, copper inventories were up 450 tonnes to 357,000 tonnes. The metal faces support at $8,155 and resistance at $8,329.

Japan's refined copper exports for October dropped 7.9% from the same period a year ago, with China accounting for almost 43% of the total volume, Reuters reports, citing Japan's Ministry of Finance data. Taiwan accounted for 24%, while Indonesia and Thailand were the other key markets for refined copper.

Rio Tinto（RIO_） announced a capital expenditure estimate of $11 billion for 2011, up from $4 billion in 2010, RTT News reports. The company added that it will dedicate most of the expenditure to the expansion of its iron ore operations in Western Australia. Furthermore, Rio plans to boost output by 50% over the next five years.

Southern Copper（SCCO_） closed at $42.67 Friday, finding support at $42.41 and resistance at $42.98. Freeport-McMoRan Copper & Gold（FCX_） closed at $97.92, with support and resistance at $97.38 and $98.89, respectively. Teck Resources （TCK_） closed at $47.95, with support at $47.65 and resistance at $48.35.

Aluminum

Aluminum for three-month delivery notched up 0.2% to $2,275 per tonne. Inventories declined 3,775 tonnes to close at 4.28 million tonnes. The metal faces support and resistance at $2,259 and $2,290, respectively.

Alcoa（AA_） closed at $13.17 Friday, finding support and resistance at $13.09 and $13.23, respectively. Century Aluminum（CENX_） closed at $14.23, with support at $14.08 and resistance at $14.38. Kaiser Aluminum（KALU_） closed at $47.18, finding support at $46.85 and resistance at $47.61.