SINGAPORE: LME copper could fall into a range of $9,043 to $9,163 a tonne this week, as its bounce from the May 12 low of $8,938 may have completed.
The completion was suggested by the deep drop from the June 6 high of $9,805.50 and the break below a rising trendline.
The drop could be driven by a wave (e), which is capable of travelling to $8,922.
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A stabilization of the price around $9,313 might be followed by a pullback towards the trendline.