Slightly above the level of $ 3.2 was a strong sale (huge volume), which until the current day keeps the price below $ 3.2. The open interest begins to rise, while we expect a further fall to the level of $ 3 (which will show further price behavior).
In general, we can confidently say that the short position of the Commercial strongly stopped the growing trend.
After a huge volume released last week, the price began to decline. The 10-year chart shows that this is the key level of resistance.
Anticipation of further decline to support level of $ 2.9
Further, expect the movement to $3.2
Copper futures stopped at the support level of $3.03, then grew to an estimated $3.2 and the breakdown of support.
Today, Commercial also reduces the short position (seen from the open interest reduction). We expect further stabilization of prices near the current level.
Slowly, but on large volumes, reached $3.05 and stopped.
What happened from the end of October / beginning of November is the rebuy of the Commercial of its huge short positions on Copper. Further, expect the movement to $3.2
On this movement it will be necessary to observe the open interest …
Copper has met our expectations … further two options, either a rollback to the previous high or a flat – you need to wait for the next reports, but overall the short position is quite substantial, to zero it, the price should go to $2.8- $2.9.
Copper futures renewed the local maximum and the price closed above the previous high. It’s good that the open interest of the accrued short positions of the Commercial group has increased dramatically. We are waiting for further consolidation of the price under the level of $3.2.
The focus was on futures for copper (/ HG).
In early August 2017 was the extreme short position of the Commercial group with open interest at the maximum. The price has rolled away a little, a part of shorts have bought back. It is likely that futures for copper will come to the last high, will update the top and the price will fall.
But, we need to follow the open interest …