COPPER chart - Trading View
Copper was extending gains for the second straight session, was up 1.04% at 3.598 at around 11:40 GMT.
Price action has bounced off 21-EMA which is strong support and has broken above 5-DMA.
The pair is set to resume upside after a brief pullback and scope for new record highs as technical indicators remain bullish.
Price action has tested multi-year highs at 3.642 in December trade (levels unseen since Feb 2013).
Weak greenback is likely to drive gains in commodity prices. Resumption of upside will see new highs at 3.791 (2013 highs).
On the flipside, 21-EMA is strong support at 3.522. Breach below could see dip till 200-DMA at 2.877.
