The open interest on gold and copper almost doubled from their lows earlier this year.
Peak May call open interest totals a hefty 13, 593 contracts at the out-of-the-money 80 strike.
If gold prices were rising but open interest was declining, it would be less constructive.
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Peak put open interest, meanwhile, totals 6, 087 contracts at the deep out-of-the-money December 70 strike.
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He said the current net-long position is roughly 43% of the total open interest in futures.
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Open interest is the number of positions remaining at the end of a trading session.
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Peak put open interest, meanwhile, totals 11, 916 contracts at the out-of-the-money October 45 strike.
Peak front-month call open interest, meanwhile, numbers 3, 905 contracts at the November 57.50 strike.
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Peak November call open interest resides at the out-of-the-money 3 strike, totaling nearly 15, 000 contracts.
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Peak October put open interest, meanwhile, totals 51, 272 contracts at the out-of-the-money 390 strike.
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By comparison, peak put open interest totals less than 14, 000 contracts at the 50 strike.
More than 3, 800 call options changed hands at that strike against open interest of 629 positions.
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Peak May call open interest resides at the out-of-the-money 12 strike, totaling roughly 59, 325 contracts.
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Peak put open interest, meanwhile, resides at the out-of-the-money November 36 strike numbering 5, 554 contracts.
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Open interest at this strike suggests around 8, 500 calls are still being held by traders.
Other put options with large open interest include those at 4800 and 4900 strike prices.
Meanwhile, peak November call open interest totals 8, 565 contracts at the out-of-the-money 42 strike.
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On the put side, peak open interest totals 10, 290 contracts at the out-of-the-money November 35 strike.
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For September, peak call open interest resides at the 27.50 strike, with nearly 17, 000 contracts.
Open interest of a mere 300 lots confirms that new positions are being taken.
The most popular put is the in-the-money December 16 strike, with open interest of 45, 303 contracts.
Peak June call open interest currently resides at the deep out-of-the-money 15 strike, totaling 24, 461 contracts.
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Meanwhile, peak June put open interest resides at the 13 strike, totaling 46, 190 contracts.
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Peak call open interest, meanwhile, lies at the January 2012 200 strike, totaling 7, 239 contracts.
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In the expiring June '07 options 10% of current open interest is to be found.
Substantial open interest in excess of 14, 500 calls at each strike indicates traders could be selling-to-close positions.
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On the put side, peak open interest totals roughly 3, 500 contracts at the out-of-the-money November 2.50 strike.
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Peak put open interest, meanwhile, totals 3, 861 contracts and is located at the out-of-the-money October 500 strike.
Meanwhile, peak put open interest totaled 3, 698 contracts at the February 35 strike, which was out-of-the-money yesterday.
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