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Copper (LME) faltered slightly below 161.8% Fibonacci extension at 10890.80 and may revisit 9617.00, Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, reports.

Copper slid back below the 10000.00 mark, having previously made new all-time high at 10747.50

“Copper continues to consolidate below its recent all-time high at 10747.50, made marginally below the 161.8% Fibonacci extension of the October-to-January advance and projected higher from the January low at 10890.80.”

“Minor support is seen at the 9617.00 February high. While it underpins we will retain our medium-term bullish stance. Below it, lies the 9483.00 April 20 high and also the 9199.50 mid-March high.”

“We will retain our long-term bullish forecast while the contract remains above the 8570.00 March low.”

“Below 8570.00 support comes in at the January high at 8238.00. Further down sits the December high at 8028.00.”

“Resistance is seen at the 10525.00 May 18 high and also at 10747.50. Were it to be exceeded the 261.8% Fibonacci extension of the 2016-to-2018 rise, projected higher from the 2020 low at 12303.50, would be next in line.”