Copper Futures: A bounce stays in the pipeline

Open interest in copper futures markets shrunk once again on Monday, this time by nearly 2.2K contracts in light of advanced data from CME Group. In the same line, volume receded by almost 7.7K contracts, extending the downtrend for yet another day.

Copper met support below $2.00/pound

Prices of the base metal closed with losses for the second day in a row on Monday on the back of shrinking open interest and volume. Against this backdrop, the likeliness of a rebound remains well on the cards in the short-term horizon.