Copper: 2019 high at $6609 acts as a tough resistance – Credit Suisse

Copper (LME) is expected to remain capped for now at key resistance at $6609/6725. On the flip side, support is seen at $6306, the Credit Suisse analyst team reports.

Key quotes

“Copper (LME)’s remains capped for now as expected at what we see as tougher resistance, starting at the 2019 high at $6609 and stretching up to the ‘neckline’ to the 2017/2018 top at $6720/25. Our bias remains for this to continue cap for now and for further consolidation to unfold.” 

“Above $6725 though in due course should reassert the uptrend, exposing the $7348 high of 2018.”

“Supports are seen at $6306, then $6100/6099.”