Copper Futures: Recovery could pick up pace

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.