OREANDA-NEWS. March 10, 2015. Shanghai copper is expected to test a support at 41,600 yuan per tonne, a break below which will open the way towards 41,090 yuan.

The support is at the 38.2 percent Fibonacci retracement on the rise from the Jan. 30 low of 38,890 yuan to the March 2 high of 43,280 yuan. The downtrend from this high may extend into a range of 40,570-41,090 yuan, formed by the 61.8 percent and the 50 percent levels.

Given that the former support at 42,240 yuan, the 23.6 percent level, has stopped the downtrend for a few days, the current support may at least trigger a moderate bounce.

A fall to 41,540 yuan may confirm a break below the support.