CME Group’s flash readings for Copper futures markets noted traders trimmed their open interest positions and volume by around 1.9K contracts and almost 4.4K contracts, respectively, on Friday.
Copper does not rule out further downside
Prices of the pound of the base metal remain under pressure amidst unabated concerns over the impact of the coronavirus on global growth. Declining open interest and volume coupled with negative price action opens the door for a potential rebound in the short-term horizon, although against the currency backdrop, that could be seen as a selling opportunity.
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