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MARKET TALK: Copper May Test $5,900 Before Reversing -Barcap

Friday, Feb 02, 2007
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LME copper may retest resistance near $5,900/ton short-term, but likely to fail as metal likely to experience technical correction, says Barclays Capital. "The market is in the middle of a triangular range which appears corrective." LME 3-month last at $5,552/ton, down $48 on London PM kerb, after falling $135 overnight on weaker U.S. data. Adds, slide to $5,400 would prompt fresh selling, with eye on targeting $5,000, then $4,600.

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