Copper: Range trading between 7054.00 and 6719.97/6670.00 is on the cards – Commerzbank

Copper (LME) is likely to short-term consolidate below the recent highs at 7034.00/7054.00 while the 55-day moving average at 6719.97 offers support, strategists at Commerzbank apprise.

Key quotes

“Copper has risen to its October peak at 7034.00 and now to its current November high at 7054.00 below which it is likely to at least short-term consolidate. We believe this to be the case since the 7054.00 high has been accompanied by negative divergence on the daily RSI.” 

“Below the 6719.97/6670.00 support area the March-to-November support line can be spotted at 6645.81. Key support remains to be seen at the August and October lows at 6269.00/6226.00. While above there, scope remains for the December 2017 and June 2018 highs at 7312.50/7348.00 to be reached.”