Copper Futures: Extra upside needs more conviction

Pablo Piovano FXStreet

Open interest in Copper futures markets rose by around 4.4K contracts on Thursday, keeping the uptrend alive for the fifth session in a row according to advanced figures from CME Group. In the same direction, volume reversed the previous drop and rose by around 36K contracts.

Copper: temporary top in place?

Further gains in Copper might be tricky in the near-term following Thursday’s negative price action in combination with higher open interest and volume. That said, Thursday’s new YTD peaks beyond the 2.88 mark could be considered as an interim top.

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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