Markets
Shanghai copper may fall to 65,700 yuan/T
SINGAPORE : Shanghai copper turned bearish, as it fell close to the low of a consolidation range of 67,310 yuan to 68,
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To climb above 68,820 yuan seems difficult now. It could be relatively easy for copper to break below minor support at 67,310 yuan and head towards 65,700 yuan, as a double-top would be confirmed following the break.
An ascending trendline support at 67,800 yuan has been broken, signaling a possible failure of a short uptrend that started from the May 12 low of 64,110 yuan.
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Copyright Reuters, 2011