Open interest is the total number of futures contracts, long or short, that have not yet been closed or offset by an opposing futures transaction, or fulfilled by delivery. We keep a regular check on open interest data published by the LME, and when combined with price moves it provides a useful indicator of fund behaviour in the market. Given the volatility of prices and the changing sentiment in the market in recent weeks, we thought it would be timely to review and analyse open interest data in this month's special feature.
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