Copper is back below its 55-day moving average (DMA). With an existing top already in place, analysts at Credit Suisse stay biased towards further weakness.

The core risk still leans lower

“Copper (LME) is back below its 55-DMA, currently seen at $7,736, and the industrial metal remains in a well-defined technical downtrend.”

“With a large top still in place and the market below falling long-term moving averages, we stay biased towards further weakness and we note that a break below $6,844 would open up support seen next at $6,300/6,269.”