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- Copper to simmer a move higher towards the psychological $11000 level – Credit Suisse
Copper to simmer a move higher towards the psychological $11000 level – Credit Suisse
Copper (LME) is again losing momentum but remains above the crucial 200-day moving average (DMA) at $9278. Therefore, economists at Credit Suisse expect the metal to climb towards the psychological $11000 level.
Support moves to the 55-DMA at $9437
“Copper is again taking a breather. Nevertheless, the industrial metal remains clearly above the crucial 200-DMA, currently at $9278. Although a further consolidation from here should be allowed for, our bias is for an eventual sustained closing break in due course above the previous record high at $10748, with resistance then seen next at the psychological $11000 level.”
“Support moves to the 55-day average at $9437, before the crucial 200-day average at $9278, which we would expect to floor potential weakness the very latest.”
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