On the daily chart, the contract managed to close above a resistance at 4,026 ringgit for three days. It has escaped from a consolidation range of 3,856-4,026 ringgit, which suggests a target of 4,400 ringgit.
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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On the daily chart, following its failure to overcome a barrier at $1,799, the metal broke a support at $1,775. The break opened the way towards $1,723-$1,752 range.
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.