Copper Futures: Still room for further gains

Advanced figures for Copper futures markets from CME Group noted open interest rose for yet another session on Tuesday, this time by nearly 5K contracts. In the same line, volume increased by almost 22.1K contracts after three drops in a row.

Copper faces resistance near $2.43/lb

Prices of the base metal are seen edging higher in the near-term following Tuesday’s positive session amidst rising open interest and volume. That said, the next hurdle of note is expected to emerge in the vicinity of the $2.43 mark per pound, close to the 55-day SMA.

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