LME copper, now trading around US$5,325, should fall substantially in coming weeks, says Dow Jones technical analyst Dave Rogers. Last year's symmetrical triangle pattern targets $4,760. On Friday, copper broke the uptrend line since April 2005, at US$5,590, amid news of major losses at metals trading hedge fund Red Kite Management. Break of January low at US$5,430 also triggered bear flag pattern, targeting $4,450. At a minimum, copper should test $5,050 (50% of May 2005 to May 2006 rise). Expect resistance from former support at US$5,430. For resources, this suggests renewed weakness likely.
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