Copper Price: Next key resistance awaits at the $10000 psychological mark – Credit Suisse

Copper (LME) has already exceeded its bull “flag” target from September 2020 at $8895 but though the move looks overextended, strategists at Credit Suisse stay bullish for a test of the $10000 psychological level. 

See: Copper to break above its record high and test $10,500 in the current supercycle – OCBC

Key quotes

“Copper (LME) has surged higher again after breaking out from its two-month consolidation and has managed to rise above $8895, the highlighted ‘flag’ price target. Although the move is becoming clearly overstretched we stay bullish with next resistance seen at the key psychological $10000 resistance level, then the key high of 2011 at $10190.”

“Support is seen at $8941 initially, below which can see a fall back to $8440, potentially $8240/35, but with this ideally holding.”