Copper May Extend Rally to $8,765 a Ton: Technical Analysis
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Copper may rally about 8 percent to $8,765 a metric ton over the next three months after surpassing so-called short-term resistance, according to technical analysis by Barclays Plc.
Prices jumped above $7,970 a ton today, with the next near-term resistance seen at the December peak of $8,162, said Dhiren Sarin, chief technical strategist for Asia Pacific at Barclays. Resistance refers to levels where sell orders may be clustered.