Copper Futures: Further rangebound likely

Traders scaled back their open interest positions in Copper futures markets by just 240 contracts on Wednesday, reaching the third consecutive drop. Volume, too, went down by around 9K contracts following two daily builds in a row. Copper: Door open for further recovery Wednesday’s downtick in prices of the pound of the base metal was in tandem with diminishing open interest and volume, which should be supportive of the continuation of the recovery in the short-term horizon.