Copper to climb towards $12160 on a break above the $10740/10850 area – SocGen

Copper is now heading towards previous peak of $10740/10850. A move beyond this area would open up additional gains towards $11700, then $12160, strategists at Société Générale report.  

Near-term supports located at $10200 and $9460 

“Weekly MACD is anchored within positive territory which denotes the upward momentum is prevalent.”

“Multi-month trend line at $10200 and $9460 are near-term supports.”

“Beyond $10740/10850, next objectives are located at the upper limit of a multiyear channel near $11700 and projections of $12160.”