Copper Price Analysis: The psychological $11,000 level is in the crosshairs – Credit Suisse

Copper (LME) remains unchanged and is still holding above the 200-day moving average at $9,441. Strategists at Credit Suisse expect the metal to move back higher towards the $11,000 level.

Support moves higher toward the critical 200-DMA at $9,441

“Copper has again managed to remain above the previously highlighted crucial 200-DMA support, currently at $9,441. Although a further consolidation around that level should be allowed for, our bias is still for a turn back higher from here and an eventual sustained closing break in due course above the previous record high at $10,748, with resistance then seen next at the psychological $11,000 level.”

“Support moves higher toward the crucial 200-DMA at $9,441, which we would expect to floor the market. Below, we would then identify supports at $8,878/77 next, before more important $8,810/740.”