Copper Price Forecast – Copper Stabilizes at Important EMA

From Daily Forex, this is Christopher Lewis taking a look at the copper market. The copper market continues to be one of noise and one that I think a lot of traders continue to waffle on in both directions. But that being said, this is a market that also has to deal with the inflationary problems out there. With interest rates rising in America, that does put a bit of downward pressure on precious metals, non-yielding assets, and the such. But the reality is that demand for copper is exploding as AI data centers continue to get built. And of course, the electrification of the global economy remains a massive factor. With this and with a lack of overall production, especially in some of the major mines in Chile, this is a market that I'm still very bullish on. We are hanging around the 50-day EMA and quite frankly, the only reason I don't think we rallied more is that interest rates in America have climbed during the day. If we can get some type of drop in the 10-year yield or just yields in general in America, that could provide us a little bit of momentum in copper. There does seem to be support not only at the 50-day EMA, but also the $6.50 level. This is a market that will continue to favor the upside. And I have no interest in shorting, but I also recognize interest rates, that's your big fight here.