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SINGAPORE: LME copper is expected to revisit its July 15 low of $6,955 this week, as suggested by a bearish wedge.
The pattern has been confirmed.
The current drop is considered as a continuation of the downtrend from $10,845.
Copper slumps as rising interest rates heighten demand fears
Based on this assumption, the drop could extend far below $6,955.
Resistance is at $7,476, a break above which may lead to a gain into $7,637-$7,797 range.