Copper still has the psychological $11,000 in its crosshairs – Credit Suisse

Copper (LME) essentially remains unchanged and continues to hover close to the previously highlighted crucial 200-day average average (DMA) at $9,497. Strategists at Credit Suisse expect the metal to eventually grind higher towards the $11,000 level.

Below 200-DMA at $9,497, $8,878 and $8,810/7740 align as next supports

“Although a further consolidation around the 200-DMA at $9,497 should be allowed for, our slight 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.”

“Below the 200-day average at $9,497, we would then identify supports next at $8,878/77, before more important $8,810/740.