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Copper prices eye key support to resume downtrend

Copper prices eye key support to resume downtrend

Copper prices are recoiling from confluent resistance at 4.4620. This is marked by the underside of two recently-broken uptrend supports, the upper bound of a seven-month price congestion zone, and a downward-sloping trendline emanating from the May 10 high. A daily close under swing-low support at 4.2060 may act to confirm downtrend resumption, initially setting the stage for a test below the 4.00 figure.

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