SINGAPORE: LME copper may test a resistance at $9,514 a tonne this week, a break above could lead to a gain into $9,670-$9,924 range.
The drop from the May 10 high of $10,747.50 consists of three waves. The wave c seems to have ended around a support of $8,851. The metal could either climb towards the peak of the wave b at $9,924 or have resumed its uptrend from the March 19 low of $4,371.
Support is at $9,261, a break below could cause a fall into $8,851-$9,056 range.
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