Copper Futures: Rebound in the offing?

Open interest in Copper futures markets extended the downtrend on Thursday, shrinking by around 2.3K contracts according to preliminary readings from CME Group. Volume, too, decreased by the fourth session in a row, this time by nearly 8.1K contracts.

Copper does not rule out a test of 2.4800

Prices of the base metal kept dropping on Thursday, extending the leg lower after the rejection of the 2.6250 level in past week. While a move to 2020 lows in the 2.48 area remains on the cards amidst the current context, declining open interest and volume coupled with negative price action leaves the door open for a near-term rebound.