Copper set to rise towards the 9260/29 area – Commerzbank

Copper (LME) has bounced off the 8800/8570 support area. The base metal now targets the 9620/9629 region, Axel Rudolph, Senior FICC Technical Analyst at Commerzbank ,reports.

Copper finds strong support at 8800/8570

“Copper’s slide has taken it to the 8800/8570 March to early April lows, before heading back up to the 9924 July peak. En route are the 55-day moving average at 9460 and also the four month resistance line and mid-August high at 9620/9629.” 

“Minor resistance above the July high at 9924 can be spotted at the June 11 high at 10120 and still further resistance at the 10365 June high. This level would need to be exceeded for the resumption of the long-term uptrend to ensue. If so, the May peak at 10747.50 would be back in the picture.” 

“Only unexpected failure at 8570 would lead to the January high at 8238 being eyed.”