In light of preliminary data from CME Group for Copper futures markets, traders scaled back their open interest positions for the second day in a row on Friday, this time by around 2.5K contracts. On the other hand, volume went down by more than 64K contracts, clinching the second straight build.
Copper: Further decline in the pipeline
Prices of the base metal are edging lower on Monday. Friday’s significant build in volume allows for further weakness in prices, although the downtrend in open interest could slow the pace of the projected downside.
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