Shanghai copper to rise to 62,000 yuan/T

SINGAPORE: Shanghai copper will rise to 62,000 yuan per tonne as it is riding on an upward wave "5" in a rising channel.

The upper channel line points to 62,000 yuan as the wave "5" target, while a conservative target could be 61,530 yuan, the Jan. 30 high.

Before the metal is able to rise further, it may retrace moderately, with a limit at 60,200 yuan.

A further drop below 60,200 yuan could indicate the wave "4" correction will extend to 59,390 yuan.

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