Copper Futures: Further rangebound likely

Pablo Piovano FXStreet

Traders scaled back their open interest positions in Copper futures markets by just 240 contracts on Wednesday, reaching the third consecutive drop. Volume, too, went down by around 9K contracts following two daily builds in a row.

Copper: Door open for further recovery

Wednesday’s downtick in prices of the pound of the base metal was in tandem with diminishing open interest and volume, which should be supportive of the continuation of the recovery in the short-term horizon.

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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