• Copper futures have breached above the US$221.90 level in November last year, accompanied by higher volumes. The MACD Indicator is trending positively above zero, while RSI is suggesting that the short term momentum is bullish. Copper price may surge above the SMA200, targeting the US$282.30 and US$300.56 levels.

• Meanwhile, support will be located around the US$262.34 level and cut loss will be set around the US$259 level.

Source: Hong Leong Investment Bank Research - 27 Feb 2017