Copper Futures: Room for extra losses

Open interest in Copper futures markets shrunk for the second day in a row on Tuesday, now by more than 2K contracts. Volume followed suit ad dropped by around 20.2K contracts, also down for the second straight session.

Copper: Tops around 2.6250 remain unchallenged

Wednesday’s recovery in futures prices of the base metal was in tandem with declining open interest and volume, undermining the probability of a sustained recovery. That said, the area of recent tops around 2.6250 is expected to keep limiting occasional bullish attempts, while a move to YTD lows around 2.48 should not be ruled out.