SINGAPORE: LME copper may test a support at $5,934 per tonne this week, a break below which could cause a loss to $5,725.
The support is identified as the 76.4% retracement on the uptrend from $5,725 to $6,608.50. After falling below the 61.8% level at $6,063, the metal is highly likely to revisit the low at $5,725.
Another retracement analysis on the uptrend from $4,318 to $7,348 reveals that the metal has broken the 38.2% retracement at $6,191. The break opens the way towards $5,833.
Resistance is at $6,167, a break above which could lead to a gain to $6,271.
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*** Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.
No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses. **
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