Copper Futures: Rebound expected to pick up pace
|In light of preliminary figures for Copper futures markets from CME Group, open interest went down for the fifth consecutive session on Friday, now by almost 5K contracts. On the flip side, volume reversed four drops in a row and increased by around 8K contracts.
Copper re-targets the 2.6250 level
Friday’s test and rebound from multi-day lows was on the back of declining open interest, leaving the downside limited and allowing for some rebound in the near term. That said, the strong resistance at 2.6250 has once again become the next target of relevance.
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