Copper Price Forecast: Copper Continues to See Dip Buyers

from Daily Forex. This is Christopher Lewis taking a look at the copper market. The copper market has been very noisy during the trading session here on Wednesday as we are sitting just above the 50-day EMA. The $6.50 level continues to be a massive support level and I am watching this very closely as a bit of a floor. Ultimately, this is a market that continues to be noisy and choppy. But the market also continues to see a lot of noise due to pressures out there when it comes to inflation coming out of the energy sector. The 10-year yield in the United States is right around 5.32% and has been rising for some time. That provides a little bit of a hurdle for copper to overcome as although it is heavily in demand. The reality is that it is a non-yielding asset and higher yields in bonds typically will put downward pressure on these types of scenarios. The initial pullback during the trading session of course is a negative sign, but the fact that we've bounced back from there is a good sign. I do like copper. The lack of production coming out of some of the biggest miners in South America right now is a big factor as demand continues to scream higher for copper with the AI trade of course being one of the big drivers as we electrify things and start to build AI data centers. I am a buyer of copper. As long as we can stay above $645, I remain bullish. I think you will have to be somewhat patient, but we are in a strong grinding uptrend.