Copper: Strong resistance at 5518.00/5525.00 to cap – Commerzbank

Copper is set to continue its gradual advance towards strong resistance at 5518.00/5525.00 which is to cap, according to Commerzbank.

Key quotes

“LME Copper’s current advance is approaching the March 9 low at 5433.00. Above it beckon the February lows at 5525.00/5533.00. there the price of copper is likely to at least temporarily stall again.”

“Only a currently still unexpected rally and daily chart close above the next higher 5589.00 March 13 high would alleviate overall downside pressure.”

“Minor support above it is seen at the 5060.00 current May low and below it at the 4739.50 late March low and major support at the 4371.00 March trough.”