SINGAPORE: LME copper may bounce into a zone of $7,797-$7,873 a tonne this week, as it has found a support at $7,523.

The support is strengthened by a similar one of $7,476.

Together, they have triggered a bounce towards the target zone.

A break above $7,873 may lead to a gain into $7,996-$8,119 range while a break below $7,476 could open the way towards $6,955-$7,277 range.

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The nature of the drop from $8,318 remains a bit unclear.

The drop could be a continuation of the downtrend from $10,845, or just a correction on the rise from $6,955.