Shanghai copper biased to drop to 65,020 yuan

SINGAPORE: Shanghai copper turned bearish as it is trying to fall below a consolidation range of 66,330-67,680 yuan per tonne.

It is hovering around the low of the range and a move towards a bearish target at 65,020 yuan will be confirmed if prices drop below 65,900 yuan.

A rise into the range will neutralize the signals until the high of the range at 67,680 yuan is broken above.

The contract has been lingering around the 67,000 level for too long, signaling the dissipation of the rebound momentum. A chance is high now for a sudden fall towards 63,560 yuan, a low touched on Aug 9.

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