Copper to find strong support at the 8800/8570 zone – Commerzbank

Copper (LME) is dropping towards strong support seen at the 8800/8570 region, which analysts at Commerzbank expect to hold.

Bearish bias while below the 9617.00/9795.00 area

“Copper’s slide is ongoing with the 8800.00/8570.00 March to early April lows getting ever closer. This support area we expect to hold, though. If not, we would have to allow for the 200-day moving average and the January high at 8256.60/8238.00 to be reached.” 

“Overall downside pressure should retain the upper hand while the contract remains below the February high, May low and the 55-day moving average at 9617.00/9795.00.” 

“Only a currently unexpected rise back above the last reaction high at 10120.00, made on June 11, would make us bullish again. This scenario is currently not on the cards, though.”