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Copper open interest declines and price breaks support, Mike McGlone notes

Copper open interest declines and price breaks support, Mike McGlone notes
Copper futures breach $6.40 support

Copper futures (HG1) dropped below a key support level near $6.40 per pound on November 5. Mike McGlone said open interest in copper typically declines in November, and his graphic compares copper with the Invesco QQQ Trust Series 1 on the same scale, suggesting a potential year-end cascade.

McGlone has recently commented on trends in other commodity markets. He observed that U.S. natural gas futures remained below $4 as managed-money net-short positions increased. In a separate note, McGlone identified platinum's move from near $3,000 an ounce to a $2,000 resistance level as a significant reversal.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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