LME copper may revisit May 10 high of $10,747.50

SINGAPORE: LME copper may revisit its May 10 high of $10,747.50 this week, as more than 76.4% of the drop from this level has been reversed.

A retracement analysis on the drop reveals the resistance at $10,274, the 76.4% level, which is the last strong barrier towards $10,747.5. It also reveals a higher resistance at $10,474, which is strengthened by the resistance at $10,453.

The metal may retreat towards the range of $10,065-$10,213 first, before retesting these resistances.

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