Copper Price Forecast: Copper Rises with Flat Rates

from Daily Forex. This is Christopher Lewis taking a look at copper. The copper market gapped higher early on Monday as we continue to see a lot of strength in this market. Interest rates were uh flat for the day as uh cash trading of treasuries was shut down for uh multiple holidays. So this allowed the copper to simply spread its wings and fly. Copper is a market that has a lot of demand asked of it with AI data centers seemingly a neverending source of demand. And there are a few copper mines in South America that simply cannot produce enough, not even being able to produce their usual amount. That being said, this is a market that is sensitive to interest rates and high interest rates do put a little bit of downward pressure on copper and other non-yielding assets. So, that's the one thing that's causing an issue. If we get interest rate relief in the bond market, for example, if the situation in the Middle East calms down, that should allow markets to focus on demand a little bit more than simply worrying about bond markets at the same time. If that ends up being the case, then copper is one of the first places I'm actually looking to get involved that in gold and silver. short-term pullbacks at this point in time continue to see the 50-day EMA as supported as well as the $6.50 level. Ultimately, this is a market that I still think has its eye on the $7 level, a large round psychologically significant figure in an area that we couldn't pierce previously. Nonetheless though, when you look at the daily chart, you can see that anytime we pull back, there does seem to be demand out there and buyers jump back in.