Copper Futures: Further upside appears limited

Open interest in Copper futures markets increased for the second day in a row on Wednesday, now by around 1.1K contracts, as per advanced readings from CME Group. On the other hand, volume went down for the third consecutive session, this time by around 1.1K contracts.

Copper still targets 2.6250

The recovery in prices of the base metal stalled just ahead of the 2.6250 level on Wednesday. While rising open interest allows for the continuation of the move up, the persistent downtrend in volume favours some correction or event consolidation in the very near-term.