Copper (LME) continues to surge higher as nears the 10000.00 mark above which beckons the 10190.00 February 2011 high, Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, reports.
“Copper has swiftly risen above the 9617.00 February high with the psychological 10000 mark being within its grasp. Next up beckons the February 2011 peak at 10190.00.”
“Minor support below the 9617.00 February high comes in around the 9483.00 April 20 high and also at the 9199.50 mid-March high.”
“We will retain our once again bullish forecast while the contract remains above the 8570.00 March low.”
“Below 8570.00 support comes in at the January high at 8238.00. Further down sits the December high at 8028.00.”
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