Copper Price: New all-time highs and more to come – Commerzbank

Copper (LME) trades in new all-time highs close to a 161.8% Fibonacci extension at 10890.80. Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, expects the metal to continue inching higher as far as 12303.50.

Current new all-time high was made at 10747.50

“Copper has made a new all-time high at 10747.50, close to the 161.8% Fibonacci extension of the October-to-January advance at 10890.80 and projected higher from the January low. Were it to be exceeded the 261.8% Fibonacci extension of the 2016-to-2018 rise, projected higher from the 2020 low at 12303.50 would be next in line.” 

“Minor support is seen at the February 2011 peak at 10190.00 and also around the psychological 10000 mark. Further 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 medium-term 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.”