Copper Futures: There is still room for further losses

In light of preliminary prints from CME Group, open interest and volume went up by around 7.6K contracts and more than 3K contracts, respectively, on Thursday.

Copper: Strong support lies at 2.50

The massive sell-off in the futures of the base metal appears to have further legs to go amidst rising open interest and volume. That said, a probable move to 2.50 in the short-term should remain well on the cards, although the current oversold levels could favour a bounce off recent lows.