Copper faces a tougher test of resistance at $6609/6720 but the broader risk stays seen higher with a break above this level to expose the 2018 high at $7348, strategists at Credit Suisse apprise.
Key quotes
“Copper (LME)’s dramatic surge higher has extended to what we see as tougher resistance, starting at the 2019 high at $6609 and stretching up to the ‘neckline’ to the 2017/2018 top at $6710/17. Our bias is for this to cap for now and for a consolidation phase to unfold.”
“Above $6720 though in due course is seen exposing the $7348 high of 2018.”
“Supports are now seen higher at $6306, then $6100/6099.”
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