Copper Futures: Recovery remains in place for now

CME Group’s advanced data for Copper futures markets noted traders added around 1.5K contracts on Thursday, clinching the fourth consecutive daily build. Volume, too, went up by nearly 4.1K contracts, reversing the previous drop.

Copper targets $2.29

Prices of the pound of the base metal remain side-lined below the $2.25 level for the time being. Thursday’s gains were amidst rising open interest and volume, allowing for the continuation of the consolidation and a potential break higher to the 21-day SMA, today at $2.2890.