Copper price bounces off support
The copper price’s rejection by the $4.26-to-$4.33 resistance zone, made up of the early December peak, 23 September, mid-October and 23 October lows as well as the mid-December high, has taken it to Wednesday’s low at $4.2045. While this level underpins, a new up leg is expected to be formed.
A rise above Wednesday’s $4.31 high would engage the $4.3348 December peak and also at last week’s high at $4.3893.
Good support is now seen between the 55-day SMA at $4.2073 and this week’s $4.2045 low.