MARKET TALK: LME Copper Likely To Slide On Charts-Standard Bk

LME 3-month copper last $6,700/ton, up $20 from late kerb close, after slumping 2.7% overnight when it posted new high for year then faltered at lower end of $6,900-$7,000 primary resistance band, says Standard Bank technical analysis. A break higher isn't forecast with "corrective weakness expected to come to the fore," it says. Break down through $6,700 a sign secondary top forming, with continued weakness targeting $6,550, it says. Market then likely to stabilize, even stage a minor recovery, prior to renewed weakness extending towards $6,300, a pivotal point; copper expected to enter consolidation period with $6,300, $7,000 highlighted as near-term triggers, breakout from which opens up $5,800, $7,400 as targets, it says.