Copper: Targeting the 4971.00 late March high – Commerzbank

LME Copper’s recent advance has taken it to the 2020 resistance line at 5218.00 where it lost upside momentum as expected, Axel Rudolph, a Senior FICC Technical Analyst at Commerzbank, informs. 

Key quotes

“The 4971.00 late March high is back on the map. Minor support below it comes in at the 4739.50 late March low and major support at the 4371.00 March trough.”

“Were the current April high at 5248.00 to be exceeded, however, the 55-day moving average at 5341.85 would be next in line.”