Copper Futures: Bounce looks short-lived

Open interest in Copper futures markets went down by nearly 14.2K contracts on Thursday, prolonging the downtrend prevailing since March 5^th according to preliminary figures from CME Group. Volume, too, retreated by around 1.7K contracts, reversing the previous build.

Copper could re-visit the sub-$2.00/pound area

Prices of the pound of the base metal dropped to levels below the $2.00 mark on Thursday and rebounded afterwards, all against the backdrop of shrinking open interest and volume. That said, the metal remains well under pressure and could re-test the area of recent 2020 lows in the $1.97 zone in the near-term.