Copper Futures: Room for extra gains near term

Open interest in Copper futures markets increased for the third consecutive session on Monday, this time by more than 3K contracts in light of advanced readings from CME Group. On the flip side, volume shrunk for the third session in a row, this time by around 3.6K contracts.

Copper now targets the 55-day SMA above $2.43/lb

The recovery in the base metal stays well and sound amidst the persistent uptrend in open interest, which is supportive of the continuation of the current trend in prices. That said, the next target emerges at the 55-day SMA above  the $2.43 mark per pound.