Reuters reported that LME copper is expected to extend its gain to a resistance at USD 6,829 per tonne, a break above which will open the way towards USD 6,926.
The resistance is provided by the 76.4% Fibonacci projection level of an upward wave C, which started at the April 15 low of USD 6,513.25.
It serves as the last obstacle to the 100% Fibonacci projection level at USD 6,926. A drop to USD 6,755 will signal a false break above USD 6,768, and copper may then seek a support at USD 6,720, the 50% projection level.
