Markets
Shanghai copper to fall to 56,780 yuan/T
SINGAPORE : Shanghai copper is expected to fall to the Oct. 17 high of 56,780 yuan ($8,929.6) per tonne as a rebound f
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SINGAPORE: Shanghai copper is expected to fall to the Oct. 17 high of 56,780 yuan ($8,929.6) per tonne as a rebound from the Oct. 21 low of 50,760 yuan has completed.
The rebound ended in a strong resistance zone of 59,720-61,840 yuan, formed by the 50 percent and 61.8 percent Fibonacci retracements on the fall from 68,690 yuan to 50,760 yuan.
From a longer perspective, the metal could have resumed a downtrend that started from the Sept. 1 high of 68,690 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.
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