Copper Futures: Neutral/bullish near term

Traders added almost 1.2K contracts to their open interest positions on Friday, according to flash figures from CME Group. On the other hand, volume reversed the previous build and shrunk by around 16.6K contracts.

Copper points to further rangebound

Prices of the pound of the base metal closed Friday’s session with losses in combination with rising open interest and declining volume, leaving the scenario of further consolidation unchanged in the short-term horizon.