Shanghai copper to rebound to 57,610 yuan/T

SINGAPORE: Shanghai copper is expected to rebound further to 57,610 yuan per tonne, as a five-wave cycle has completed on the fall from the Sept. 1 high of 68,690 yuan to a low at 50,760 yuan.

A Fibonacci retracement on the fall reveals that the metal will progress towards 57,610 yuan, the 38.2 percent level, after retracing to 54,750 yuan.

A deeper retracement to 53,800 yuan will neutralize the signals.

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