Copper set to rebound from the $9356 200-DMA as high as $11000 – Credit Suisse

Copper (LME) keeps losing momentum but remains slightly above the crucial 200-day moving average (DMA) support of $9356. Strategists at Credit Suisse expect the metal to stage a rebound from this level.

Break below 200-DMA to open up $8878/77, then $8810/740

“Although a further consolidation around the crucial 200-DMA support, currently at the $9356 level should be allowed for, our bias is for a turn back higher from here and an eventual sustained closing break in due course above the previous record high at $10748, with resistance then seen next at the psychological $11000 level.”

“Support moves higher toward the crucial 200-DMA at $9356, which we would expect to floor the market. Below, we would then identify supports at $8878/77 next, before more important $8810/740.”