Copper consolidation is seen as a healthy development in the intact core bull trend. In the end, strategists at Credit Suisse expect the metal to reach the $10190 key high of 2011.
Copper consolidation is seen as temporary
“Copper (LME) remains in its range but this is seen as a healthy and overdue phase following the impressive rally of the past year.”
“Support for a pullback is seen at the 63-day average, currently at $8594. Below can see a deeper pullback to $8570, with our bias remaining for this to prove a solid floor, and with next support then seen at $8238, the January 2021 high.”
“Post the consolidation, we look for a resumption of the uptrend back to and then above the current cycle high at $9617. We would then see resistance next at the psychological $10000 resistance level and eventually the key high of 2011 at $10190.”
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