Copper sees its expected pause near $8000, but long-term outlook stays bullish – Credit Suisse

Copper (LME) is likely to see a pause after having risen to $8000, from which strategists at Credit Suisse look for a correction, prior to the core broader uptrend resuming in due course. 

Key quotes

“Copper (LME) maintains its large base above our first upside objective at $7254/7348 and is already at the 61.8% retracement of the fall from 2011 and psychological barrier at $8000/28. With weekly RSI momentum overbought we suspect this caps at first for some consolidation.”

“Pullbacks (if seen) will stay seen as corrective ahead of a clear break above $8000 in due course for $8346 next, then $8895, the highlighted ‘flag’ price target.”