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(Wallace Refiners) – Technical analysts at Commerzbank believe the outlook for LME copper is still bullish. Analyst Karen Jones said, “The spotlight is on LME Copper’s multi-year high at 8238.00. The market has bounced from the 55 day ma at 7817 and this implies that the bull trend retains the upper hand.”.
She goes on to say “A rise and daily chart close above the 8238.00 January peak would target the September 2012 and February 2013 highs at 8346.00/8422.00. Further up the February 2012 high can be spotted at 8765.00”.
Comex Copper has clearly been in a great uptrend over the last calendar year and on the Comex contract, the price is trading around 87% higher from the low seen on 19th March 2020. The price has not been trading at this level since February 2013 which shows the extent of the power in this recent rally.
Below is the monthly Comex chart and the next big resistance is level is at the red line near 3.85/lb. Since the contract broke the red downward sloping trendline there has been no looking back. Some analysts are suggesting if the price can break the 3.85/lb area it could hit the high on the chart at 4.64.lb high.
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