Copper Futures: Still scope for further gains

Traders added nearly 1K contracts to their open interest positions on Tuesday, reversing at the same time two consecutive daily pullbacks, in light of flash data from CME Group for Copper futures markets. On the opposite direction, volume dropped for the second day in a row, this time by around 11.8K contracts.

Copper still targets the 2.6250 level

The idea of further gains in prices of the base metal stays supported by rising open interest amidst Tuesday’s positive price action. However, the so far persistent decline in volume could temper the recovery and spark some consolidation.