Copper Futures: Bounce looks short-lived
Open interest in Copper futures markets went down by nearly 14.2K contracts on Thursday, prolonging the downtrend prevailing since March 5th according to preliminary figures from CME Group. Volume, too, retreated by around 1.7K contracts, reversing the previous build.
Copper could re-visit the sub-$2.00/pound area
Prices of the pound of the base metal dropped to levels below the $2.00 mark on Thursday and rebounded afterwards, all against the backdrop of shrinking open interest and volume. That said, the metal remains well under pressure and could re-test the area of recent 2020 lows in the $1.97 zone in the near-term.