SINGAPORE: LME copper may test a support at $9,798 per tonne this week, with a good chance of breaking below this level and falling to $9,596.

The uptrend from the Dec. 15, 2021 low of $9,135 has been controlled by a set of retracements of the rise from $8,740 to $10,452.50.

The trend is riding on a wave (c), which is expected to travel to $10,193. Despite its two failures to overcome the barrier at $10,048, this wave may unfold more. Only a break below $9,596 could confirm the continuation of the downtrend from $10,452.50.

Copper report is published weekly on Monday.