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Outlook for Copper

Friday, May 29, 2015 5:50 PM UTC

BofA Merrill Lynch:

We reiterate our negative view on copper. Indeed, the red metal is threatening to resume its long-term bear trend after stalling into the confluence of resistance between 6321/6635.

Four month trendline support at 6010 IS KEW. An impulsive break below confirms an end to the corrective rally and resumption of the long-term bear trend.

Downside targets are seen to 5279, ahead of 4791 and potentially below

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