Copper has broken a range of major resistances. However, economists at Credit Suisse suspect strength is capped at $9,359 for now.

Support at $8,640/00 set to hold

“Copper (LME) extends its strong start to the year for a test of the ‘neckline’ to the medium-term top at $9,135. With the 78.6% retracement of the 2022 fall also just above at $9,359 we look for a cap below here for now. Should strength directly extend though we see resistance next at $9,916.”

“Support at $8,640/00 now ideally holds. Below $8,188 though is needed to warn the best of the strength may have been seen.”