Shanghai copper to edge up to 56,520 yuan/T

SINGAPORE: Shanghai copper will edge up to 56,520 yuan per tonne, as a rebound that started at the Oct. 21 low of 50,760 yuan may extend.

A support at 52,600 yuan, the presumed wave "B" trough, proved to be very strong, as copper bounced up strongly after touching it.

The metal is riding on an upward wave "C", advancing towards the 38.2 percent Fibonacci projection level, based on the length of the wave "A" and the trough of the wave "B".

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