Copper futures broke into positive territory after touching an 18-month low in early trade.

WSJ: What's News

Chart Analysis : The weekly chart of the high-grade copper futures shows an uptrend from the October lows, line b.

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Average daily volume for copper futures and options in the first quarter was 63, 461 contracts, a 41% jump from the same period a year ago.

FORBES: CME Group's Hunnable: Copper-Trading Volume Sharply Higher; Big Rise During Asian Hours

We continue to recommend Freeport-McMoran, the largest publicly traded copper producer(FCX), December 2011 calls in copper futures, two Chinese coppper companies, Jiangxi Copper and Philex Mining.

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Another bearish clue that the U.S. stock market is headed for some lean times just ahead is that the copper futures market has been hammered lower this week.

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For instance, from April 10 to 12, copper-futures volume ranged from 97, 186 to 127, 276 lots.

FORBES: CME Group's Hunnable: Copper-Trading Volume Sharply Higher; Big Rise During Asian Hours

These swaps are based on the average of the daily settlements of the copper-futures contract for the month.

FORBES: CME Group's Hunnable: Copper-Trading Volume Sharply Higher; Big Rise During Asian Hours

Comex copper-futures volume hit a daily record of 127, 276 contracts on April 10.

FORBES: CME Group's Hunnable: Copper-Trading Volume Sharply Higher; Big Rise During Asian Hours

There has been an increase in copper-futures trading from all of the segments of the market, including speculators and commercial accounts that are hedging, Hunnable said.

FORBES: CME Group's Hunnable: Copper-Trading Volume Sharply Higher; Big Rise During Asian Hours

The risk-off sentiment manifest in the pits in metals was also notable in crude oil, copper, and stock futures.

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Steel futures rose as did copper prices.

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Or you can take a look at the PowerShares DB Base Metals (NYSE: DBB) ETF, which has exposure to futures contracts on aluminum, zinc and copper.

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In the case of copper, money managers extended their net short position to 9, 489 lots for futures and options combined from 5, 283 the prior week.

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These types of managers use super liquid futures contracts to play everything from soy beans to natural gas, and from copper to sovereign debt.

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