Copper is closing in on its all-time high, trading just below the early-August peak with technical analysts pointing to the psychological $7.0000 region as the next target. Support levels sit in a tight band beneath the current price.
Copper continues its swift climb and is fast approaching its early August record high of $6.8056, according to technical analysis from IG. A move above that level could open the door to the psychological $7.0000 region.
Below the market, minor support sits under the 26 August high at $6.7401, with a further cushion near the mid-August peak of $6.6951. More significant support lies in the band between the May-to-June highs and the 12 August high, at $6.6608 to $6.6328.
The short-term outlook stays bullish while copper holds above the 8 September low of $6.6179, the technical read shows. The medium-term view holds the same bullish bias, contingent on the metal staying above the 18 August low at $6.3338.
Copper's record high at $6.8056 remains the level to watch as the metal's advance continues.
Source: IG – News and trade ideas
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