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

Copper remains under pressure and is hovering only marginally above the previous YTD low. Strategists at Credit Suisse expect the metal to find a solid floor at the $6,844 mark.

Key resistance zone remains seen at $8,570/8,740

“We would expect the 61.8% retracement at $6,844 to floor the market at least temporarily, with the industrial metal hovering only marginally above the $7,291 previous established YTD low.”

“Key resistances remain seen at the recent breakdown point at $8,570/8,740.”