Copper to slide towards the 2020-2021 uptrend line at 9255.30 – Commerzbank

Copper (LME) drops towards the 2020-2021 uptrend line at 9255.30. Therefore, economists at Commerzbank are neutralizing their medium-term forecast, however, they maintain a long-term bullish bias while the metal stays above the 8570 level.

Copper comes off its recent all-time high at 10747.50

“Copper’s slip through the 9795.00/9617.00 support zone in which the February high, May and early June lows as well as the 55-day moving average could all be found, made us neutralize our medium-term forecast and put the 2020-2021 uptrend line at 9255.30 on the map. On the way down the 9483.00 April 20 high may be encountered. Further down sits the 9199.50 mid-March high.” 

“We will retain our long-term bullish view, however, while the price of copper remains above 8570.00 March low.” 

“Immediate downside pressure should be maintained while the contract remains below the June 11 high at 10120.00. Further minor resistance is seen at the 10365.00 current June high. Still further up sits the all-time high at 10747.50, made marginally below the 161.8% Fibonacci extension of the October-to-January advance and projected higher from the January low at 10890.80.”