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SINGAPORE: LME copper may bounce moderately into a range of $9,514-$9,670 per tonne, before falling again to retest a support at $9,261 this week.

The fall from the July 27 high of $9,924 is so deep that it strongly suggests a resumption of the downtrend from the May 10 high of $10,747.50.

Driven by a wave c, the trend may extend to $8,851.

The current bounce was triggered by the support at $9,261 and a similar one established by a short trendline. It could be short-lived.

Copper dips as US tapering fears support dollar

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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