Shanghai copper to rebound to 57,000 yuan/T

SINGAPORE: A bullish target at 57,000 yuan per tonne has resumed for Shanghai copper as a consolidation within a triangle continues.

The metal refused to fall to the lower trendline of the pattern after touching a low at 54,070 yuan on Thursday, and the subsequent quick recovery has confirmed the progress of a wave "e" towards the upper trendline.

Support is at 54,070 yuan, a fall below which will completely wipe out the chance of a wave "e" development and establish a bearish target at 52,830 yuan.

No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business.