Copper may rise to $7,615 a metric ton within two weeks after breaking through its 200-day moving average and a Fibonacci level, according to technical analysis by Commerzbank AG. The attached chart shows the metal rose above the 200-day moving average and the 50 percent retracement of its decline, one of the levels singled out in so-called Fibonacci analysis. Prices may rise to $7,615 a ton, which would be a 78.6 percent retracement of the April-to-June decline, London-based analyst Karen Jones said on July 29. “We should stretch up towards $7,615” and gains above that level may push prices as high as this year’s high of $8,043.75 on April 12, Jones said. The second attached chart shows prices may retreat from $7,615 because copper has fallen below a trend of higher prices since at least March 2009, Jones said. Copper for delivery in three months traded at $7,422 a ton at 7:07 a.m. on the London Metal Exchange today. The metal rose 12 percent in July, paring this year’s loss to 1.1 percent. In technical analysis, investors and analysts study charts of trading patterns and prices to predict changes in a security, commodity, currency or index. To contact the reporters on this story: Nicholas Larkin in London at nlarkin1@bloomberg.net; Anna Stablum in London at astablum@bloomberg.net.

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