Copper Futures: Recovery seen struggling near-term

Both open interest and volume in Copper futures markets shrunk by more than 1K contracts and by around 80.2K contracts on Thursday according to flash prints from CME Group.

Copper could re-test 2.1250

Wednesday’s positive price action in prices of the pound of the base metal was sustained by the presence of short covering, as showed by declining open interest and volume. That said, a potential correction could extend to the $2.1250 region, or weekly lows.