Copper Prices Have Come Down so Far

"Copper prices have come down so far that even really long-term support lines are under threat,"Sullivan said.

While prices were up 19 percent from a year earlier, after touching a record $10,190 on Feb. 15, the pattern of the past few months may mean the long-term rally is "under pressure," Sullivan said.

Prices that dropped 9.3 percent in the past four sessions to an 11-week low of $8,750 a metric ton yesterday are testing a potential “neckline” in a so-called head-and-shoulders pattern, Brenda Sullivan, a senior market strategist at Sucden, said yesterday in a telephone interview from London. A drop below that line, which connects the lows on Nov. 17 and May 12, could “open targets beginning at $8,219,” or a 6.4 percent drop from yesterday’s close, within a few weeks, she said.

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