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LME copper continues to hover above $6,800/T

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By Shoaib Ur Rehman
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copperSINGAPORE: LME copper will continue to hover above support at $6,800 per tonne and may inch up to $7,360.

The support seems stronger than expected, as the rebound from the previous trading session's low of $6,821 has pushed the price up to $7,267, indicating bearish momentum is not strong enough to help the metal clear the barrier at $6,800 and resume a downtrend.

Most likely a bearish triangle will form between $6,800 and $7,400.

No information in this analysis should be considered as being business, financial or legal advice.

Copyright Reuters, 2011

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