Markets
LME copper may test support at $5,590 this week
- The metal may stabilise around this barrier and then rise towards a falling trendline, as the uptrend from $4,371 may not reverse until it extends to $6,075.
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SINGAPORE: LME copper may test a support at $5,590 per tonne this week, a break below which could open the way towards $5,357.
The support is provided by the 61.8pc retracement of the downtrend from $6,343 to $4,371.
The metal may stabilise around this barrier and then rise towards a falling trendline, as the uptrend from $4,371 may not reverse until it extends to $6,075.
A break above $5,878 may not trigger an impressive gain. Instead, the gain may be limited to $6,075.