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CME Group’s flash data for Copper futures markets noted open interest kept declining on Wednesday, this time by around 2.9K contracts. On the opposite direction, volume reversed two consecutive drops and rose by around 4.7K contracts.

Copper could re-test sub-$2.00 levels

Prices of the pound of the base metal briefly dipped below the $2.00 mark earlier on Thursday on the back of the sell-off in Chinese industrial metals. Despite shrinking open interest amidst negative price action keeps calling for a rebound in the near-term, the macro context, particularly linked to the COVID-19 developments, is expected to keep the metal under pressure for the time being.