Copper Price Forecast: Copper Finds Support at a Familiar Level

from Daily Forex. This is Christopher Lewis taking a look at the copper market. The copper market has been very lively in the early part of the trading session here on Friday, bouncing from the crucial $6.50 level. The $6.50 level, of course, is an area that has been important multiple times. And with this, it's likely that traders will continue to see this as a potential uh buy on the dip type of market. The $6.50 level is an area that remains psychologically important, but also structurally important as we've seen a lot of demand in that area. The market rallying the way it has suggests that despite the fact that rates are elevated and copper is a non-yielding asset, there's so much in the way of AI data centerdriven demand and of course electrification demand that we will continue to see buyers willing to jump in and take advantage of cheap copper anytime it appears a breakdown below the $6.40 level would be a bit surprising and could change some things, but even that I believe would eventually end up being a short-term value proposition given enough time. I have no interest in shorting copper. Even with the extraordinarily uh high rates, the longerterm outlook for copper is extraordinarily good for years, not just days.