Copper Futures: Potential correction in the offing

CME Group’s advanced readings for Copper futures markets showed open interest extended the downside on Wednesday, shrinking by around 2.8K contracts. In the same direction, volume retreated for the second day in a row, this time by around 15.4K contracts.

Copper: A correction is overdue

Prices of the pound of the base metal extended the upside on Wednesday although in tandem with shrinking open interest and volume. That said, while the recovery has surpassed the 55-day SMA, a move lower in the near term remains well on the table with initial target at last week’s highs around $2.35 mark per pound.