LME copper to rise to $7,689/T

SINGAPORE: LME copper will rise to $7,689 per tonne as a rebound from the Dec. 15 low of $7,131 has extended.

The rebound has completed an "a-b-c" corrective cycle from $7,131 to $7,650, but the subsequent drop failed to break below a support at $7,371, the 61.8 percent Fibonacci retracement on the rise from $7,198 to $7,650.

That indicates the corrective cycle has extended, with a big wave (c) pushing the price up to $7,689, the 61.8 percent Fibonacci projection level, based on the length of wave (a) and the wave (b) trough at $7,368.

Only a fall below a support at $7,410 will temporarily violate the bullish outlook.