Copper (LME) is expected to remain capped for now at key resistance at $6609/6725. On the flip side, support is seen at $6306, the Credit Suisse analyst team reports.
Key quotes
“Copper (LME)’s remains capped for now as expected at 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 $6720/25. Our bias remains for this to continue cap for now and for further consolidation to unfold.”
“Above $6725 though in due course should reassert the uptrend, exposing the $7348 high of 2018.”
“Supports are seen at $6306, then $6100/6099.”
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