Copper Futures: Recovery exhausted?

Traders trimmed their open interest positions in Copper futures markets for the third consecutive session on Friday, now by around 4.5K contracts. Volume, instead, reversed two straight pullbacks and increased by around 19.4K contracts.

Copper faces strong hurdle around $2.41

Prices of the pound of the base metal extended the recovery on Friday. The move, however, was amidst the persistent downtrend in open interest, hinting at the probability that the upside could be losing momentum. That said, the 55-day SMA around $2.41 should offer quite a strong resistance for the time being.