Copper fell to a three-week low on Wednesday on growing concerns that efforts by the United States to cut spending will hinder growth in the world's largest economy and hurt demand for metals, but supply uncertainty helped limit further falls as a strike at Chile's Escondida mine entered its 13th day.
"Copper has seen a good support base around $9,600 for the past three weeks, but we think a test and break of that support line is inevitable in the short term. $9,000 is the next obvious line of support in the charts below that and we think any test of that level should be treated as a buying opportunity."
Benchmark copper on the London Metal Exchange fell to a low of $9,573 a tonne, its lowest level since mid July, and was at $9,580 by 12:46 SA time, down 1.1 percent from a close of $9,680 a tonne on Tuesday.
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