Open interest in Copper futures markets went down by almost 2.5K contracts on Friday according to CME Group’s preliminary prints. In the same line, volume reversed the previous build and shrunk by nearly 31.1K contracts.
Copper expected to re-test YTD highs
Friday’s negative price action in the base metal was accompanied by declining open interest and volume, hinting at the probability that the downside remains capped and allowing at the same time for a potential re-test of 2020 highs around 2.88 and even beyond.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.