Copper may top year high in H2 - Samsung
According to Samsung Securities Company, copper which jumped 12% in July, may exceed this year's closing high of USD 7,990 per tonne in the H2.
Mr You Seung Min technical analyst at Seoul based Samsung Securities said that the metal for 3 month delivery in London has shown an uptrend, a pattern of higher peaks and higher valleys, since early June. The price confirmed the trend by breaking resistance levels of USD 6,920 and USD 7,160 in late July.
Mr You said that copper moved above the 50 day moving average in July and broke the two resistance levels. So, I can say it's on an uptrend and it is highly likely that the price may reach this year's closing high in the H2.
He said that the upward trend line is easing some concerns about a head and-shoulders pattern. There's not much of a gap between the current price and this year's high.
(Sourced from Bloomberg)
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