Copper Futures: Correction seems likely near term

Open interest in Copper futures markets rose for the second straight session on Tuesday, this time by just 16 contracts in light of flash data from CME Group. On the other hand, volume increased sharply by almost 60K contracts.

Copper faces resistance near $2.32/lb

Prices of the pound of the base metal managed to clinch multi-day highs near the $2.32 level on Tuesday. However, the downtick in open interest removes some strength of the recovery and opens the door to some near-term correction.