Copper Forecast 30/10: Buyers Eye $6.40 Support (Video)

Copper Forecast 30/10: Buyers Eye $6.40 Support (Video)

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MENAFN- Daily Forex) The copper market has fallen a bit during the trading session here on Thursday as the Federal Reserve remains somewhat restrictive in its monetary policy. That is starting to weigh upon the copper market.However, the bond market itself looks like it is easing slightly. I suspect this could end up being a nice buying opportunity given enough time, and it is worth noting that there seems to be a band of demand from $6.40 to $6.50.Top Regulated Brokers1 Get Started 74% of retail CFD accounts lose money So, the question isn't so much about whether or not the Federal Reserve will remain restrictive. Rallies at this point in time would make a certain amount of sense on some type of short-term pullback, but it looks like copper really does not have anywhere to go at the moment as we are waiting to, I believe, figure out what the economy is actually doing.The GDP numbers rose during the early part of the session in the United States, but it is also worth noting that PCE numbers are basically coming in where they should. I think most of the market expects the Federal Reserve to hike in December with about an 80% ...