BLBG: Copper Traders Probably Added to Bets That Prices Will Climb
Copper traders probably added to wagers that the metal will rise, signaled by an increase in the number of outstanding contracts at the same time prices gained.
Open interest in London Metal Exchange copper futures climbed by 1,065 lots to 452,586 contracts in the week ended Jan. 11, according to LME figures. Each lot represents 25 metric tons of copper. The benchmark contract for three-month delivery advanced 3.2 percent in the period.
An increase in open interest as prices rise suggests new long positions, or bets on higher prices, according to Macquarie Group Ltd. Open interest in LME copper is still down 9.2 percent from Dec. 15.
Following are changes to market open interest for both LME members and their clients for the six biggest industrial-metals futures traded on the exchange. The figures were compiled by the LME.
