Copper (LME) topped out at 9617.00 in February and is expected to tumble back towards the 8500.00 region, Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, reports.
Key quotes
“A gradual slide back towards the 8500.00 region is to ensue over the coming weeks, provided that 9617.00 isn’t overcome. Further potential support comes in between the December and January high, 55-day moving average and the six month support line at 8238.00/8028.00. This we would expect to hold.”
“While the contract stays above the 7705.00/7673.00 late December and January lows we will stick to our longer-term bullish stance.”
“Only a currently unexpected rise above the 9617.00 recent high would engage the February and August 2011 highs at 9905.00/10190.00.”
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