Traders extended the downtrend in open interest in Copper futures markets on Tuesday, trimming their positions by almost 4K contracts according to preliminary data from CME Group. Volume followed suit and shrunk by nearly 11.3K contracts.
Copper prices limited by the 55-day SMA
Prices of the pound of the base metal charted an inconclusive session on Tuesday amidst shrinking open interest and volume, leaving the price action side-lined in the very near term and capped by the 55-day SMA in the $2.38 area for the time being.
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