FCX: Will Copper Correct?
{ Posted on Apr 07 2009 by Minyanville }
Open interest in copper has been rising since early December 2008. Click to enlargeUntil recently the rise in open interest (black dotted line) was driven by commercial traders (blue line in chart below) as opposed to speculators (red line). The latest spike higher in open interest over the past month has been met with commercial selling and speculator buying. Last summer a similar scenario played out with open interest spiking higher over the summer while commercial traders were net sellers (and speculators net buyers). If history repeats we should be on the lookout for a correction in copper as the ...
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