Copper Futures: There is still scope for a rebound

Open interest rose by just 202 contracts on Wednesday, reversing eight consecutive pullbacks, according to preliminary data from CME Group. Volume, instead, went down for the second straight session, now by nearly 5.3K contracts.

Copper met contention near 2.50 so far

Prices of the base metal remain well under pressure for yet another session. The recent drop in volume signals that the decline could be running out of steam. This view is reinforced by the persistent downtrend in open interest (banning Wednesday’s marginal uptick).