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Copper May Rebound next Week after Reaching One-Month Low, Survey Shows

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Jiangxi Copper First-Half Profit Rises 73% on Prices (Update2) 

Aug 27, 2010 (Bloomberg)--
Copper may rise as investors and traders anticipate a rebound after prices reached the lowest level in a month, according to a survey.
Eight of 16 analysts, investors and traders surveyed by Bloomberg, or 50 percent, said the metal will rise next week. Five predicted lower prices and three forecast little change. Copper for delivery in three months added 0.2 percent for this week at $7,269 a metric ton at 2:38 p.m. yesterday on the London Metal Exchange.
The contract closed at $7,101 a ton Aug. 25, the lowest since July 27. That&rsquo;s near the level at which investors and traders look to buy, said Donald Selkin, chief market strategist at National Securities Corp. in New York.
&quot;Copper got oversold and was close to the low of a trading range&rdquo; between $3.20 a pound ($7,055 a ton) and $3.40, Selkin said
&quot;It&rsquo;s due for a rebound. But unless we get very good economic data, it&rsquo;s not going to break the range.&rdquo;
The red bars on the attached chart are derived by subtracting bearish forecasts from bullish estimates, with readings below zero signaling the majority of respondents expect a decline. The green line shows the copper price. The survey data shown are as of Aug. 20.
The weekly copper survey has forecast prices accurately in 49 of the past 100 weeks, or 49 percent of the time.
This week&rsquo;s survey results: Bullish: 8 Bearish: 5 Neutral: 3
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