LME copper (MCU3=LX) is biased to retest support at $13,111 per metric ton this week, a break below which could open the way toward the $12,362-$12,776 range.
The bounce triggered by the support looks like a pullback to $13,445. Based on this observation, the bounce may end around this level, followed by a resumption of the downtrend.
Riding on a wave c, the trend looks steady within a falling channel. A break above $13,445 may lead to a gain into the $13,665-$13,859 range, formed by the channel resistance and the 76.4% retracement of the uptrend from $11,693.
* The copper report is published weekly on Monday.
** Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own. His analyses are published exclusively on LSEG Workspace.
No information in this analysis should be considered as being business, financial, or legal advice. 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.