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LME copper may retest support at $6,167
SINGAPORE: LME copper may retest a support at $6,167 per tonne this week, a break below which could cause a loss int
SINGAPORE: LME copper may retest a support at $6,167 per tonne this week, a break below which could cause a loss into $5,934-$6,063 range.
The support is provided by the 50 percent retracement on the uptrend from $5,725 to $6,608.50. The bounce triggered by the support at $6,167 is regarded as a pullback towards the resistance at $6,271.
Based on the consolidation range from $6,295 to $6,555.50, the metal is expected to fall to $6,063. A break above $6,295 may lead to a gain limited to $6,400.
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