Copper Futures: There is still scope for a rebound

Open interest in Copper futures extended the downtrend on Thursday and shrunk by nearly 1.4K contracts, as per preliminary prints from CME Group. In addition, volume reversed two consecutive pullbacks and rose by around 46.3K contracts.

Copper keeps looking to 2.6250

Prices of the base metal traded on a volatile fashion on Thursday, closing the day in the negative territory amidst declining open interest, which should favour some near-term rebound. Prices, however, remain capped by the 2.6250 level.