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In light of flash data for Copper futures markets from CME Group, open interest dropped by just 872 contracts on Thursday, resuming the downside after Wednesday’s build. On the other hand, volume reversed three consecutive pullbacks and rose by around 3.5K contracts.

Copper faces some consolidation near-term

Prices of the base metal ticked lower on Thursday amidst a small uptick in open interest, which could be signalling the continuation of the leg lower. However, the persistent drop in volume should prevent sellers to retake control, at least in the short-term horizon.