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Live Cattle: 40,000 lb (20 tons) ... LME Copper: Metric Ton: USD ($) London Metal Exchange, ... COMEX: SI Other. Commodity Contract size Currency
Based on Wednesday’s price action, the direction of the July Comex High Grade Copper market is likely to be determined by trader reaction to the main Fibonacci level at $3.0575.
Because of aggressive hedge fund activity, copper has a tendency to trade in one direction for a prolonged period of time once the hedge funds decide to pick a direction.
In 1933, the COMEX was established through the merger of four smaller exchanges; the National Metal Exchange, the Rubber Exchange of New York, the National Raw Silk Exchange, and the New York Hide Exchange. Through the 1970s, 80's and 90's COMEX, NYMEX, and other exchanges shared a single trading floor [6] in 4 World Trade Center.
Despite the small share of physical copper associated with LME Copper contracts, their prices act as reference prices for physical global copper transactions. [5] This practice started in 1966, when Zambia, Chile, and most Copper-producing countries abandoned fixed price copper contracts, and announced that they would set copper contract prices based the average monthly price of the nearest ...
"But I go back to the 2000s, I was bullish on oil then as I am on copper today," he added, recalling that crude shot up from $20 to $140 per barrel at the time. "So the upside on copper here is ...
On August 18, 2008, shareholders approved a merger with the New York Mercantile Exchange (NYMEX) and COMEX. CME, CBOT, NYMEX, and COMEX are now markets owned by CME Group. After the merger, the value of the CME quadrupled in a two-year span, with a market cap of over $25 billion. [2]
And that’s not currently reflected in the price of many copper stocks. Instead, they’ve been treated as risk-on 7 Copper Stocks to Buy Now Before Prices Boom