The most-traded June copper contract on the Shanghai Futures Exchange fell 0.9% to 71,660 yuan ($11,076.76) a tonne, after touching a 10-year peak of 73,060 yuan earlier in the session.
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A high-low bottom developing above a rising trendline has taken shape. It confirms a completion of the drop from 4,192 ringgit and the continuation of the uptrend.
The contract is presumed to be riding on a wave c, which is capable of travelling below 3,659 ringgit. This wave may end around 3,659 ringgit, if it is very weak.