Copper futures: Near-term rebound in the offing

Both open interest and volume  in Copper futures markets shrunk by 762 contracts and around 7.5K contracts, respectively, on Monday, as per advanced readings from CME Group.

Copper now targets 2.6250

Price action around the base metal was inconclusive at the beginning of the week amidst shrinking open interest and volume, leaving further downside as limited and opening the door for a potential rebound to, initially, recent tops around 2.6250.