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Traders added nearly 3.5K contracts to their open interest positions in Copper futures markets on Wednesday, reversing the previous pullback according to advanced figures from CME Group. On the other hand, volume shrunk by around 29.5K contracts for the first time after three consecutive daily builds.

Copper now targets the 200-day SMA above 2.68

Prices of the futures of the base metal remain in ‘recovery mode’ and could advance further after printing 2020 lows in sub-2.50 levels earlier in the month. Rising open interest coupled with positive price action could sustain further gains to, initially, the 200-day SMA in the 2.68 area.