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Open interest in Copper futures markets rose by almost 1.4K contracts on Thursday in light of flash readings from CME Group. Volume, instead, shrunk for the second straight session, this time by nearly 17.6K contracts.

Copper: Recovery is seen losing momentum

The rebound in prices of the pound of the base metal is expected to run out of some steam in the near-term following Thursday’s negative price action in tandem with rising open interest. The persistent decline in volume, however, carries the potential to limit the extension of the correction lower.