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- Copper to drop back towards the 8500.00 area - Commerzbank
Copper to drop back towards the 8500.00 area - Commerzbank
FXStreet reports that Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, notes that copper (LME) topped out at 9617.00 in February and is expected to tumble back towards the 8500.00-region.
“A gradual slide back towards the 8500.00-region is to ensue over the coming weeks, provided that 9617.00 isn’t overcome. Further potential support comes in between the December and January high, 55-day moving average and the six month support line at 8238.00/8028.00. This we would expect to hold.”
“Only a currently unexpected rise above the 9617.00 recent high would engage the February and August 2011 highs at 9905.00/10190.00.”
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