Copper is seen at risk to a meaningful turn lower – Credit Suisse

Copper (LME) is falling sharply again. Strategists at Credit Suisse analyze the metal outlook.

Initial resistance is seen at $8,477/79

With weekly MACD momentum trending lower and now negative we look for a more sustained decline to emerge and a more meaningful turn lower.

We look for a fall to test the $7,867 YTD low, a break of which would be seen to add further momentum to the sell-off for support next at $7,220 and eventually a test of the $6,955 low of last year. 

Resistance is seen at $8,477/79 initially, with $8,712 now ideally capping.