A low level of open positions is adding to the range-bound behavior in copper, says R.J. O'Brien & Associates. Comex September copper is roughly in the middle of its summer-long range of $3.25 to $3.5565 a pound, while LME copper has moved between $7,219.50 and $7,823 a metric ton. "Copper open interest remains around the lowest levels seen since mid-2007. This, dealers point out, is exacerbating copper‟s range-bound behavior at present and there is virtually no scope for a sharp short-covering rally or heavy long liquidation," R.J. O'Brien also reported that,Copper simply lacks momentum and needs to have some sort of shock or news development that will send prices moving either significantly higher or lower.Chinese consumption remains "quite subdued," R.J. O'Brien added.
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