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Copper (LME) has risen above the 2018 high at 7348.00 and is to short-term consolidate below its 7800.00 current December high. The base metal still targets the 8000.00 mark, according to Axel Rudolph, Senior FICC Technical Analyst at Commerzbank.

Key quotes

“Since the recent high at 7800.00 has been accompanied by negative divergence on the daily RSI we expect to see some short-term consolidation below this level over the next few days.”

“Potential slips should find support between the 7348.00 June 2018 peak and the 7294.50 November 20 high. Further down support can be found at the 7034.00 October high and the 7011.00 mid-November low.”

“We will retain our medium-term bullish forecast while copper remains above the 6672.00 November low.” 

“A rise above 7800.00 would target 7796.00/8000.00 and also the 8043.75 April 2010 peak.”