Copper: February lows at 5525.00/5533.00 to cap further gains – Commerzbank

LME Copper’s advance is ongoing with the September 2019 low at 5518.00 and the February lows at 5525.00/5533.00 remaining in sight, Karen Jones,  Team Head FICC Technical Analysis Research at Commerzbank, informs.

Key quotes

“LME Copper is getting ever closer to strong resistance seen at 5518.00/5533.00. There the price of copper is likely to at least temporarily stall.”

“Only a currently still unexpected rally and daily chart close above the next higher 5589.00 March 13 high would alleviate overall downside pressure and allow for the 200-day moving average at 5657.74 to be reached.” 

“Support below the 2-month support line at 5323.78 comes in between the mid-May low and the 55-day moving average at 5146.00/5127.52.”

“Overall upside pressure should be maintained while the price of copper remains above the next lower May low at 5060.00. Below it sits the April 21 low at 4953.00.”