Copper tries to break to new highs – Credit Suisse

Copper (LME) is confirming the previously highlighted bull “flag” and is now on the cusp of breaking to new highs. Strategists at Credit Suisse are to maintain a bullish outlook while the metal trades above the $6226 support.

Key quotes

“Whilst support at $6226 holds the outlook remains bullish for strength back to $6875, then $7254/7348 - the high of 2018 and 50% retracement of the 2011/2016 collapse.” 

“Below $6226 would negate the ‘flag’ and instead set a top to turn the risk lower, with support then seen next at the 200-day average at $5913.”