Copper Price Analysis: 61.8% retracement at $6,844 to floor the market – Credit Suisse

Copper (LME) has established a fresh year-to-date low. Economists at Credit Suisse expect the metal to find support at $6,844.

Key resistance aligns at $8,740

“Copper remains clearly below the intersection of the key 55 and 200-day averages and below the indicated $8,740/8,570 monthly chart lows. We would expect the 61.8% retracement at $6,844 to floor the market at least temporarily, with the industrial metal already recovering intraday from its $7,291 established YTD low.”

“Key resistance is now seen at the recent breakdown point at $8,740.”