Copper (LME) is picking up momentum and the long-term outlook stays clearly bullish. The Credit Suisse analyst team targets the $8895 neighborhood.

Key quotes

“Copper (LME) has successfully broken out from its two-month consolidation and is now also above $8346, the high from 2013. With a multi-year base in place, we maintain our core bullish outlook and look for a rise toward $8895, the highlighted ‘flag’ price target.”

“Support is seen at $7804, the 63-day average before $7705/7673 recent lows. Only below here would trigger a top to warn of a more concerted correction lower, which is not our base case.”