SINGAPORE: LME copper may stabilize around a support at $7,897 a tonne this week, as suggested by a projection analysis.
The support is identified as the 261.8% projection level of the downtrend from $10,580.
The former support at $8,138, the 238.2% level, triggered a bounce that lasted a few days.
The support at $7,897 is supposed to be stronger, likely to trigger another bounce.
Copper stumbles to 17-month low as inflation data fans slowdown fears
A break above $8,138 may lead to a gain to $8,380.