Copper Futures: Upside still viewed as corrective

Open interest in Copper futures markets extended the downside on Friday, this time by nearly 1.4K contracts according to flash data from CME Group. Volume, too, went down for yet another session, this time by almost 8.4K contracts.

Copper faces initial hurdle around $2.40/lb

Prices of the base metal gained extra ground on Friday. The positive price action, however, was amidst diminishing open interest and volume, leaving the scenario of extra gains somewhat undermined. That said, the 55-day SMA in the $2.40 region per pound is expected to offer moderate resistance in the short-term horizon.