Copper gets ever closer to the 2018 high at 7348.00 – Commerzbank

Copper (LME) has risen until 7331.00 in November as continues its advance to the 2018 high at 7348.00 above which lies the 7460.00 2014 peak, Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, informs.

Key quotes

“LME Copper has so far risen to its current November high at 7331.00, to above the 2017 high at 7312.50, with the 2018 peak at 7348.00 about to be hit. Further up the January 2014 peak can be seen at 7460.00 and the November 2012 low at 7506.00. There the current advance may pause. If not, attention would be on the 7796.00 January 2010 high and on the 8043.75 April 2010 peak.” 

“Potential slips should find support around the 7034.00 October high and the 7011.00 mid-November low. More important support comes in along the 55-day moving average and the March-to-November uptrend line at 6800.39/6785.37.” 

“We will retain our medium-term bullish forecast while copper remains above the 6672.00 current November low.”