Copper Futures: Further recovery looks likely

CME Group’s flash data for copper futures markets showed open interest and volume increased by 732 contracts and by around 16.8K contracts, respectively, on Tuesday.

Copper faces the next hurdle at 2.3230, the 21-day SMA

Prices of the pound of the base metal met resistance near $2.25 on Tuesday. The positive session was on the back of rising open interest and volume, which allows for some extension of the rebound, at least in the near term, with the target at the 21-day SMA in the 2.3230 region.