Surging Volumes and Open Interest: Records Broken in Copper Futures and Options - Support & Resistance Levels

Support & Resistance Levels

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Surging Volumes and Open Interest: Records Broken in Copper Futures and Options

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Volumes:  

· On pace for our best copper futures (HG) volume year of all-time with YTD ADV of 140,125 (+32.4%).

o Current Annual Record: 129,802 set in 2018.

o #1 volume day all-time on 5/14/2024 with 380,197 contracts traded.

· Copper Options volumes have exploded in 2024, on pace for our best copper options (weekly + monthly) volume year of all time with YTD ADV of 14,202 (+94.1%).

o Current Annual Record: 5,889 set in 2018.

o 2 of the top 5 copper options volume days have occurred this month (May) and another in mid-April (see below in yellow).

· Micro copper volumes continue to surge as a result of retail interest. MTD ADV of 30,288 (+505.6% YTD YoY) and YTD ADV of 11,246 (+106.9% YTD YoY).

o Current Annual Record: 4,882 set in 2023.

o #1 volume day all-time on 5/15/2024 with 69,888 contracts traded.

Open Interest: 

· Today standard futures (HG) open interest of ~300k, compared to 296,441 on May 1st. 

· Current options open interest of ~320,000, compared to 235k on May 1st. (all May OI HG options record days in yellow below)

· Micro copper open interest of 8,624, compared to 4,497 on May 1st. 

 

 

 

If you are a day trader, below you will see markets that our proprietary ALGO has identified as being more suitable for attacking either from the long side or the short side for the next trading session.

Questions? We are happy to help!

 

Daily Levels for June 6th, 2024

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* This is not a solicitation of any order to buy or sell, but a current market view provided by Cannon Trading Inc. Any statement of facts here in contained are derived from sources believed to be reliable, but are not guaranteed as to accuracy, nor they purport to be complete. No responsibility is assumed with respect to any such statement or with respect to any expression of opinion herein contained. Readers are urged to exercise their own judgement in trading.

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