Copper Futures: Room for further decline
|According to CME Group’s preliminary prints for Copper futures markets, open interest resumed the upside on Thursday, increasing by around 1.6K contracts following Wednesday’s pullback. Volume, instead, decreased for the second session in a row, this time by around 8.3K contracts.
Copper does not rule out a move lower
Negative price action in the base metal on Thursday plus rising open interest advocate for the continuation of the corrective downside in the short-term horizon. That said, another visit to 2020 lows in the 2.48 region should not be discarded just yet.
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.