Copper Futures: rebound expected to continue

Pablo Piovano FXStreet

CME Group’s flash prints for Copper futures markets noted traders added 1.5K contracts to their open interest positions on Wednesday, recording the fourth consecutive advance. Volume, on the opposite side, decreased by more than 29K contracts after two builds in a row.

Copper still eyes a test of 2.90

The rebound from daily lows on Wednesday was on the back of rising open interest, which should leave the scenario for the potential continuation of the move up unchanged for the time being. The drop in volume looks somewhat isolated, although it could slow the pace of the move up.

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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