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Open interest in Copper futures markets went down by around 1.8K contracts at the beginning of the wee, reversing two consecutive daily builds, according to flash data from CME Group. In the same direction, volume shrunk by around 1.6K contracts.

Copper: Rising odds for a rebound

Prices of the base metal corrected lower on Monday amidst the broad-based sell-off in the risk/commodity complex. However, diminishing open interest and volume in combination with negative price action open the door for the resumption of the move higher in the near-term.