The $9,719-$9,617 Zone to Offer LME Valuable Support

Copper (LME) is firmly set on the upward trajectory. Analysts expect the metal to continue its uptrend and eventually head for $11,000 or even higher. 

Analysts predict that copper will extend its temporary pullback near the crucial $10,000 zone. They persist in having a bullish outlook on copper’s prices and expect to see next resistance at the psychological $11,000 level. This mark is expected to cap copper’s price, at least for the time being. 

If the price of the brown metal rises above $11,000, the next projected resistance will emerge first at $11,210 and then at the $11,440 mark. 

Support at around the $9,719 and $9,617 area will prop up copper in case of a further pullback, which, however, does not seem to be on the cards in the near-term.