Markets
Shanghai copper still eyes 71,460 yuan/T
SINGAPORE : A bearish target of 71,460 yuan per tonne is unchanged for Shanghai copper as there seems to be no strong su
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SINGAPORE: A bearish target of 71,460 yuan per tonne is unchanged for Shanghai copper as there seems to be no strong support above this level to hold up the fall.
On the 30-minute chart, the big gap forming between 73,230 yuan and 72,410 yuan has confirmed a bearish reversal on the preceding uptrend at the Aug 1 high of 73,590 yuan, and a short-term bearish trend could be establishing.
The current rebound is likely to be limited to 72,480 yuan.
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.
Copyright Reuters, 2011
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