SINGAPORE: LME copper may break a resistance at $9,166 per tonne and rise towards the Feb. 25 high of $9,617 this week.
A correction from this high could have completed around a key support at $8,661, the 50% retracement of the uptrend from $7,705 to $9,617. The uptrend may have resumed.
Wave pattern suggests the progress of a wave (5), which is expected to travel above $9,617. A break below $8,887 could cause a fall into the range of $8,435-$8,661.
Copper report is published weekly on Monday.
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