Copper is trading in a downward sloping channel. It has seen a rebound from 2.47 and is trading above the crucial moving averages. However, it is approaching the upper end of the downward sloping channel, currently pegged at 2.61, which should act as a resistance in the near term. If it manages to break and sustain above 2.61, then the rise can extend towards 2.64-2.69. However, if it fails to sustain above 2.61, then it can correct to 2.54, below which it can further drift lower towards 2.47. The momentum indicator is in a ‘positive’ mode.