Copper set to rally past the $11000 psychological mark – Credit Suisse
|Copper (LME) has moved to new record highs. The Credit Suisse analyst team stays bullish for $11000 and higher.
The $9719/9617 region provides solid support for a pullback
“Copper has surged sharply higher again for a move to a new record high above the high of 2011 at $10190. Although a knee-jerk pullback should be allowed for, we maintain our core bullish outlook and stay bullish with resistance see next at the psychological $11000 mark, which we would expect to cap the market, at least temporarily.”
“A direct break above the $11000 level can see next projection resistance at $11210, then $11440.”
“Support at $9719/9617 now ideally offers good support for a pullback.”
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