LME Copper breaks out, eyes 2024 high at 11,100 – Société Générale

LME Copper has surged past the upper boundary of its prolonged consolidation phase, setting its sights on the 2024 peak near 11,100. While a brief consolidation cannot be ruled out, momentum indicators show no clear signs of reversal. Holding above support at 10,590 would keep the uptrend intact, opening the way for further gains toward 11,470 and 11,920, Société Générale's FX analysts note.

Momentum builds as Copper extends rally above range

"LME Copper crossed the upper band of its long consolidation resulting in a steep up move. It is inching towards 2024 high of 11100. A brief pause cannot be ruled out however signals of a meaningful pullback are not yet visible."

"The low achieved earlier this week at 10590 could be first support. Defence of this level may result in continuation of up move. Beyond 11100, the next projections are located at 11470 and 11920."