Copper Price Analysis: Break above $9755/9820 is crucial to see further gains – SocGen

Copper has formed two higher troughs as compared to the one in August at $8740. Strategists at Société Générale expect the metal to recoup some ground towards the $9755/9820 resistance zone.

Copper points towards a potential bounce

“Holding above last week's low of $8880, it could attempt a rebound towards a multi-month trend line near $9580 with next hurdle at projections of $9755/9820. Overcoming this will be crucial for next leg of uptrend.”

“Only a break below $8740 would denote an extended down move.”