FXStreet reports that copper (LME) so far holds in the 9795.00/9617.00 support zone, a bounce off which, in the opinion of Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, would be bullish.

“Copper continues to be supported by the 9795.00/9617.00 support zone in which the February high, May and current June lows as well as the 55-day moving average can all be found. While these underpin on a daily chart closing basis, we will retain our medium-term bullish outlook.”

“An ascent towards 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, may thus still be in the making. Resistance is seen at the 10525.00 May 18 high and also at 10747.50.”