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Copper (LME) is trying to reach its December high at 8028.00 as the metal remains bullish while above 7673.00/7635.00, Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, reports. 

Key quotes

“The contract remains bid while it continues to trade above the December 8 and 23 lows at 7673.00/7635.00 on a daily chart closing basis.” 

“Above the 8028.00 high sits the April 2010 high at 8043.75 and further up the September 2012 and February 2013 peaks at 8346.00/8422.00.” “Were support at 7635.00 to give way, however, an interim top would have been formed with the October-to-January support line at 7384.83 and also the 55-day moving average at 7328.50 being targeted in such a scenario.” 

“The longer-term trend should remain bullish while the contract stays above the 6269.00/6226.00 August and October lows.”