Copper (LME) has already established a multi-year “double bottom” base in Q4 2020. Strategists at Credit Suisse stay bullish and look for not only a test of the 2011 high at $10190 but a move above here in due course towards $11000.
“Copper has freshly broken above it’s $9617 cycle high, which completed a bullish ‘triangle’ continuation pattern for a resumption of its core bull trend, with resistance seen next at the psychological $10000 level and eventually the key high of 2011 at $10190, which we expect to be reached or even broken during the next 1-3 months.”
“Above $10190 would then open the door for a move toward the psychological $11000 mark, which we would expect to cap the market, at least temporarily.”
“The 63-day average at $8885 needs to hold to avoid a renewed period of trading-range, which is not our base case.”
