Copper Forecast Today 15/05: Buyers Defend $6.50

(MENAFN- Daily Forex)

Copper continues to be very noisy as buyers have come in to pick up the dip. We managed to drop far enough to fill a gap on Thursday in the early hours and now I think we have the scenario where the $6.50 level offers a fair amount of support.

If we can stay above there, I think it's probably only a matter of time before these dips get bought into and we could go looking to the $6.80 level. If we were to break down below the $6.50 level, then I think it opens up the possibility of a drop to the $6.20 level.

Copper of course continues to see a massive amount of demand due to artificial intelligence and the fact that the interest rates out there are somewhat dynamic and could have an influence on copper. At the end of the day though most of what we are seeing is due to artificial intelligence and the potential for a longer-term shortage of copper Driven by Artificial Intelligence

Ultimately, I do believe that we will probably go looking to the $7 level, but it will take some time to get there and, in the meantime, I'm just looking at short-term pullbacks as a potential buying opportunity.

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I do not have any interest in getting too cute here and trying to short the market I think eventually finds its way to the upside. If we were to break down to the $6.20 level, then you will have to pay close attention to potential market memory in that region. This is a market that I have no interest in shorting anytime soon, and I think will go much higher given enough time.

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