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LME copper may break a resistance at USD 8,192 per tonne and rise further towards USD 8,236.

A small double bottom has formed around USD 8,050, pointing to a target at USD 8,250. But a Fibonacci retracement analysis reveals a more realistic target at USD 8,236, the 50% retracement on the fall from USD 8,422 to USD 8,050, subject to a break above the 38.2% level at USD 8,192. Support is at USD 8,100, a fall below which will make the signals neutral.