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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.”