Copper really held its ground overnight whereas most other major...

Copper really held its ground overnight whereas most other major commodities slipped.

I use the Continuous Copper contract price for my posts. What has surprised me is the large increase in ‘contracts written’ over the last six months. Over the last 6 months the Daily Average Contracts written has increased from around 66,000 per day to around 98,000 contracts written per day. The average increase has been very steady. My sense is that even though the speculators are in trying to make a quick buck that a sense of nervousness has draped over genuine buyers who want to make sure their businesses have a steady flow of the metal so that operations can be maintained even if it is at a higher copper price.

The 12 month low copper price is currently US$3.52/Ib
A copper price of US$5.27 would represent a 50% increase over the year. We are only US$0.17 away.