Copper: Recovery stays seen as corrective – Credit Suisse

Copper strength is seen as corrective and strategists at Credit Suisse look for fresh evidence of a top and resumption of its downtrend.

 Key quotes

“Copper (LME) remains below key retracement resistance at $5357, with more important resistance still seen at $5518/23, the 2020 February low and previous range breakout point.” 

“With a major top still in place, our bias stays bearish for an eventual resumption of the broader downtrend, with a move below $4953 needed to now mark a near-term top for a fall back to $4371/18.”