Futures Traders Aren't Buying the Copper Rally - Futures traders have used the recent copper rally to reduce positions, suggesting a lack of conviction and downward risks. On a one-year basis to June 3, total open interest in CME and LME copper futures dropped almost 30%. Declining interest alongside rising prices signals short covering -- typically not a good sign for sustained price appreciation. Full report on the Bloomberg terminal here: https://blinks.bloomberg.com/news/stories/sxbte6dwrgg0 {BI COMD} #copper #futures #metals #commodities @BBGIntelligence