Copper resumes its climb toward all-time highs at 10747.50 – Commerzbank

Copper (LME) has resumed its ascent from the May low at 9795.00. According to Axel Rudolph, the base metal now targets the all-time high at 10747.50.

Bullish forecast while copper stays above the 8570.00

“Copper probably ended its recent minor degree Elliott wave a-b-c correction at its 9795.00 May low and last week resumed its ascent towards its all-time high at 10747.50, made marginally below the 161.8% Fibonacci extension of the October-to-January advance and projected higher from the January low at 10890.80. These levels will remain in focus while support at 9795.00 underpins.” 

“Minor support below the 9795.00 level is seen at the 9617.00 February high. Below the latter sits the 9483.00 April 20 high and also the 9199.50 mid-March high.” 

“We will retain our long-term bullish forecast while the contract stays above the 8570.00 March low. Below 8570.00 support comes in at the January high at 8238.00.” 

“Resistance is seen at the 10525.00 May 18 high and also at 10747.50. Were it to be exceeded the 261.8% Fibonacci extension of the 2016-to-2018 rise, projected higher from the 2020 low at 12303.50, would be next in line.”