Copper Futures: Recovery expected to continue

Open interest in Copper futures increased for the third session in a row on Thursday, now by almost 1.9K contracts, as per advanced data from CME Group. Volume followed suit and rose by nearly 24.8K contracts after three consecutive pullbacks.

Copper faces strong hurdle at 2.6250

Prices of the base metal continued to rebound on Thursday, although the uptick failed to extend the move further north of the 2.6250 area. Further out, the positive price action amidst rising open interest and volume allows for an extension of the recovery, at least in the very near-term and always facing the key hurdle at 2.6250.