CME Group’s preliminary prints for Copper futures markets noted open interest extended the downtrend for yet another session on Tuesday, this time by around 5.3K contracts. On the other hand, volume went up for the third session in a row, now by around 76.6K contracts.
Copper: Upside looks limited by the 55-day SMA
Tuesday’s drop of futures prices of the base metal is unlikely to gain traction on the back of declining open interest. In this regard, the rebound is still seen meeting a tough resistance in the $2.40 region, where is located the 55-day SMA.
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