Shanghai copper may fall to 54,070 yuan/T

SINGAPORE: Shanghai copper may fall to 54,070 yuan per tonne even though the drop is likely to be very moderate and slow.

The metal has been consolidating in a triangle which is expected to be bearish and could have completed, as it has developed a small five-wave structure.

After bouncing off the upper trendline of the pattern, copper seems to be heading toward the lower trendline.

Resistance is at 56,260 yuan, a rise above which will extend to 57,000 yuan.

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