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LME copper neutral in $9,733-$10,029 range

SINGAPORE: LME copper looks neutral in a range of $9,733-$10,029 per tonne, and an escape could suggest a direction.

A break below $9,733 could confirm the extension of the drop from the May 10 high of $10,747.50 towards $9,763, while a break above $10,029 could lead to a gain into the $10,325-$10,690 range.

The bias could be towards the downside, as the bounce triggered by the support at $9,733 looks so weak that it suggests a continuation of the downtrend.

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.

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