SG:LME copper to retest support at USD 6622 per tonne
Reuters reported that LME copper is expected to retest a support at USD 6,622 per tonne as a downtrend from the April 28 high of USD 6,798 has resumed.
The resumption has been confirmed by a drop from the May 2 high of USD 6,746.50, which has almost reversed the gain from the May 1 low of USD 6,591.
A Fibonacci retracement analysis on the rise from the April 15 low of USD 6,513.25 to USD 6,798 reveals a support at USD 6,622, the 61.8% level, which may be broken soon.
A break will open the way towards USD 6,513.25, while a further gain from the current level may be limited to USD 6,689, the 38.2% retracement.
