Copper gains positive momentum to target the January high at $6343 – Credit Suisse

Copper (LME) remains solidly above the $5664 200-day average and is picking up further momentum, with next resistance at $6178 and targeting the $6343 January high, strategists at Credit Suisse apprise.

Key quotes

“Copper (LME) has established itself above its 200-day average at $5664 and has broken above price/gap/50% retracement resistance at $5928, confirming the recent upturn in momentum. As a consequence, we expect the recovery to extend further with next resistance seen at $6178, then $6210/11, with the January 2020 high at $6343.”

“Support can be identified at $5666 and then more distant $5246 which we expect to hold.”