Copper establishes above the 200-DMA at $5661, resistance seen at $5850 – Credit Suisse

Copper (LME) remains above the 200-day average at $5661 and is back in a broad trading range, with resistance seen at $5850 while support awaits at $5449, per Credit Suisse.

Key quotes

“Copper (LME) has established itself above its 200-day average at $5661, making a range-bound market a more likely scenario. Next resistances are seen at $5850/5928, above which can see the recovery extend further with resistance next at $6178, then $6210, with the January 2020 high at $6343.”

“Support can be identified at $5449 and then $5246 which now ideally holds to keep the immediate risk higher.”