Copper Futures: Decline still seen limited

CME Group’s preliminary figures showed open interest and volume went down by nearly 6.2K contracts and around 33.2K, respectively, on Wednesday.

Copper faces initial support at 2.7470

Copper futures continue its way down in the second half of the week on broad-based concerns over global growth, particularly exacerbated by the outbreak of the Wuhan coronavirus in China some days ago. However, the recent pullback was on the back of shrinking volume and open interest, allowing for a rebound in the short-term horizon.