CME Group’s advanced readings for Copper futures markets noted open interest rose by almost 1.7K contracts, reaching the third build in a row. On the flip side, volume reversed the previous build and decreased by around 8.5K contracts, resuming the downtrend.

Copper faces some consolidation near term

Wednesday’s negative performance of the pound of the base metal was in tandem with rising open interest, which should be supportive of further losses in the short-term horizon. However, the drop in volume could trigger some consolidation and/or slow the pace of the expected pullback.