Copper set to rally past the $11000 psychological mark – Credit Suisse

Copper (LME) has moved to new record highs. The Credit Suisse analyst team stays bullish for $11000 and higher.

The $9719/9617 region provides solid support for a pullback

“Copper has surged sharply higher again for a move to a new record high above the high of 2011 at $10190. Although a knee-jerk pullback should be allowed for, we maintain our core bullish outlook and stay bullish with resistance see next at the psychological $11000 mark, which we would expect to cap the market, at least temporarily.” 

“A direct break above the $11000 level can see next projection resistance at $11210, then $11440.”

“Support at $9719/9617 now ideally offers good support for a pullback.”