Copper to target the 7000.00 mark on a clearance of September high at 6877.50 – Commerzbank

Copper to target the 7000.00 mark on a clearance of September high at 6877.50 – Commerzbank

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Key quotes

“LME Copper is still heading towards the September high at 6877.50, a rise and daily chart close above which would eye the psychological 7000.00 level. There is scope for the December 2017 and June 2018 highs at 7312.50/7348.00 to be reached.” 

“Minor support below the 55-day moving average at 6613.67 can be seen between the September and October 7 lows at 6455.00/6449.00 and major support at the 6269.00/6226.00 August and current October lows. While the contract stays above this area, overall upside pressure should retain the upper hand.” 

“Only unexpected failure at 6226.00 on a daily chart closing basis would confirm a significant top formation with the 200-day moving average at 5912.61 then being in the frame.”

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