China demand fuels global uptrend

In Focus/Copper

 While this seems far fetched, the expectation of about $ $1,760/65 is approachable. The price of copper on the London Metal Exchange (LME) has moved up from $ 1637.50 on July 1 has gained up to $ 1719 on Tuesday.

 Chartists say that price action after the $1,760 high of February this year appears to be taking the form of a triangle and this formation is now likely to dominate in the near term. The triangle breakout may lead to underpinning the market into the $1,780/1,800 area.

 However, the breakout should have greater bullish implications with a move to $1,830/60 forecast.

 On more fundamental reasons, analysts point out that demand is increasing in China, the world