In the case of the most-active coppercontract traded on the Comex division of the New York Mercantile Exchange, Tuesday was the first rise in nine trading sessions, although volume was small with electronic activity only as trading floors remained closed due to Hurricane Sandy.
The firm has introduced a new copper calendar swaps contract and also is embarking upon an educational program to increase awareness of copper options.
Just as telling, the premium for spot copper over the nearest forward contract jumps up when buyers worry about being able to get their hands on the stuff.
The big increase occurred even though copper was making neither multi-year lows nor highs, with the most active May contract remaining within the trading range in place since August.
For instance, a look at industrial refined copper imports remained in their recent range of about 250 kilotons, with yearly growth continuing to contract.