Copper Futures: Upside could be limited

According to flash readings from CME Group for Copper futures markets, open interest shrunk by around 1.1K contracts on Monday following five consecutive daily builds. Volume, instead, prolonged the choppy performance and rose by almost 1.8K contracts.

Copper does not rule out a move higher

Prices of the base metal have broken above the multi-session consolidative theme and are approaching the $2.30 level. However, declining open interest carries the potential to slow the pace of the move up, which initially targets the 55-day SMA at $2.4650.