Copper set to hit the all-time high at 10747.50 – Commerzbank

Base metals continue to look bid. Copper (LME) is seen surging higher towards its all-time high at 10747.50, Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, reports.

Dips to find support around the 9924.00/9755.50 region

“LME Copper’s surge higher last week has taken us by surprise with the May all-time high at 10747.50 being within reach. If bettered, the minor psychological 11000.00 level would be in focus. Further up a 261.8% Fibonacci extension can be found at 12303.50.”

“Slips should find support between the July and September highs at 9924.00/9755.50. Further minor support comes in between the early July and late August lows at 9632.50/9546.50 as well as at the 9431.00 late September high.”