Copper Futures: A near-term bottom in place?
Open interest shrunk by just 122 contracts at the beginning of the week, reversing at the same time three consecutive daily builds. Volume, instead, increased for the third session in a row, this time by around 43.1K contracts.
Copper: Rebound seems short-lived
Prices of the base metal appear to have met solid support in the 2.48 region, or YTD lows recorded on Monday. The downtick in open interest and excessive oversold levels favour a rebound, although the significant increase in volume warns against the sustainability of the move up.