Copper Futures: Decline remains unabated

Open interest rose for the third straight session on Friday, this time by around 5.5K contracts. In the same direction, volume increased for the second consecutive day, now by around 3.1K contracts, as per flash data from CME Group.

Copper still faces downside risks

The impressive sell off in the base metal appears to have met some contentions in the 2.48 region so far. However, the bearish mood is expected to persist amidst rising open interest and volume coupled with negative price action.