CME Group’s flash readings for Copper futures markets showed open interest dropped by just 167 contracts following four consecutive daily builds while volume resumed the downside and shrunk by around 44.8K contracts.

Copper still eyes a test of the 55-day SMA around $2.42

Prices of the pound of the base metal dropped on Wednesday amidst declining open interest, which should remove some tailwinds from a potential move lower. That said, prices could still advance further and re-test the $2.42 region, coincident with the 55-day SMA.