Copper Futures: Room for further decline
According to CME Group’s preliminary prints for Copper futures markets, open interest resumed the upside on Thursday, increasing by around 1.6K contracts following Wednesday’s pullback. Volume, instead, decreased for the second session in a row, this time by around 8.3K contracts.
Copper does not rule out a move lower
Negative price action in the base metal on Thursday plus rising open interest advocate for the continuation of the corrective downside in the short-term horizon. That said, another visit to 2020 lows in the 2.48 region should not be discarded just yet.