Shanghai copper eyes 51,580 yuan/T

SINGAPORE: Shanghai copper will fall to the Sept. 29 low of 51,580 yuan per tonne, as a downward wave "5" is unfolding.

This wave is part of a five-wave cycle that started from the Sept. 8 high of 68,170 yuan, and is expected to eventually travel beyond 51,580 yuan, the presumed wave "3" trough.

Given the big price difference between the current level and 51,580 yuan, the contract may take two trading sessions to fill the gap.

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