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Wednesday, August 10, 2022

LME copper may stabilize around $7,897 this week

SINGAPORE: LME copper may stabilize around a support at $7,897 a tonne this week, as suggested by a projection analysis.

The support is identified as the 261.8% projection level of the downtrend from $10,580.

The former support at $8,138, the 238.2% level, triggered a bounce that lasted a few days.

The support at $7,897 is supposed to be stronger, likely to trigger another bounce.

Copper stumbles to 17-month low as inflation data fans slowdown fears

A break above $8,138 may lead to a gain to $8,380.

LME copper may stabilize around ,897 this week

Source: Brecorder

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