Copper: Break above $6720 to expose the $7348 2018 high – Credit Suisse

Copper faces a tougher test of resistance at $6609/6720 but the broader risk stays seen higher with a break above this level to expose the 2018 high at $7348, strategists at Credit Suisse apprise. 

Key quotes

“Copper (LME)’s dramatic surge higher has extended to what we see as tougher resistance, starting at the 2019 high at $6609 and stretching up to the ‘neckline’ to the 2017/2018 top at $6710/17. Our bias is for this to cap for now and for a consolidation phase to unfold.” 

“Above $6720 though in due course is seen exposing the $7348 high of 2018.”

“Supports are now seen higher at $6306, then $6100/6099.”