Copper Price Forecast: Copper Continues to Test Support

from Daily Forex. This is Christopher Lewis taking a look at the copper market. The copper market has been back and forth during the trading session here on Friday as we are sitting just above the crucial $6.50 level. The $6.50 50 cents level is an area that's been important multiple times and therefore I think this is a situation where traders are going to be looking at this as the 50-day you may basically acting like an uptrend line and the Marco is a bit of an uptrending channel and I also think this is a situation where traders are looking for value and they may find it here. Now, we're going to have to pay attention to the interest rate situation because it does work against certain assets that don't yield. Non-yielding assets like silver, gold, copper, all suffer as a result. And the idea is that maybe there'll be less construction because of high borrowing cost. That being said though, with so many AI data centers out there to talk about, the demand for copper continues to be massive. Furthermore, we have to keep in mind that the market has been in a range for a while. So, if we do see these rates roll over, I think that's a good sign for copper. There's not only support at $6.50, there is support at the $6.40 level. I've got no interest whatsoever in shorting this market. Given enough time, we could go looking to the $7 level. Ultimately though, this is a choppy market. This is one that is typically choppy, but I am long only of this market. And I have no interest whatsoever in shorting copper. The fundamental situation has not changed at all. It's all about the interest rates. If they drop, that's more likely they're not going to push copper higher.