The copper price is expected to be around US$8,000 per ton

Credit Suisse said in a report on Wednesday that it is very likely that copper prices are expected to take a break at around US$8,000 per ton, but the long-term outlook remains promising.

"The LME copper price target is 7254/7348 US dollars per ton and has been located at the 61.8% retracement of the decline since 2011. The market psychology is at 8000/28 US dollars per ton."

Looking at the weekly chart, the RSI index shows that the market is already in an overbought state, which means that copper prices may have some climbs.

"Before it clearly breaks through US$8,000 per ton, the market needs some retracement before it points to US$8,346 and US$8,895 per ton.