Copper (LME) is again losing momentum but remains above the crucial 200-day moving average (DMA) at $9278. Therefore, economists at Credit Suisse expect the metal to climb towards the psychological $11000 level.

Support moves to the 55-DMA at $9437

“Copper is again taking a breather. Nevertheless, the industrial metal remains clearly above the crucial 200-DMA, currently at $9278. Although a further consolidation from here should be allowed for, our bias is for an eventual sustained closing break in due course above the previous record high at $10748, with resistance then seen next at the psychological $11000 level.”

“Support moves to the 55-day average at $9437, before the crucial 200-day average at $9278, which we would expect to floor potential weakness the very latest.”