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Sunday, February 25, 2024

LME copper may test support at $10,041 this week

SINGAPORE: LME copper may test a support at $10,041 per tonne this week, a break below which could cause a fall to $9,793.

The drop from the March 7 high of $10,845 followed the completion of a corrective wave cycle from $8,740.

A retracement analysis on the cycle reveals a resistance at $10,348, the 23.6% level, around which, the bounce from the March 15 low of $9,820 may have completed.

China copper output rises

A break above $10,348 could lead to a gain into $10,538-$10,698 range.

Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.

LME copper may test support at ,041 this week

Source: Brecorder

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