SINGAPORE: LME copper could test a support at $8,772 a tonne this week, a break below which could cause a fall into $8,530-$8,669 range.
The metal is riding on a wave (e), the fifth wave of a downtrend from the March 7 high of $10,845.
Copper edges up ahead of possible Chile strike
This wave may travel to $8,380, the 214.6% projection level of the fall from $10,580, as pointed by a trendline.
Resistance is at $8,922, a break above which may lead to a gain into $9,043-$9,163 range.