CME Copper Open Interest Appears to Have Peaked Copper may have reached a 2026 high, if peaking futures open interest is a guide. Thrust to the forefront of US tariff negotiations, the CME-traded metal has retreated to $6.59 a pound on Aug. 21 from a record near $6.87 on Aug. 6. Will copper join 2026 pump-then-dump dominoes including gold, silver, platinum, palladium, iron ore and Bitcoin? My graphic highlights two factors that may be necessary for the economically and stock-market sensitive metal to stay resilient: the S&P 500 and copper open interest continuing to rise. The metal on the same scale as the stock index highlights copper's sock-puppet status. In 2022, when copper bottomed and open interest fell to its lowest since 2015, the metal was pulled along by beta. Open interest now appears to have just peaked near the 2024 high. Full report on the Bloomberg terminal here: https://blinks.bloomberg.com/news/stories/tk2957kip3jb {BI COMD} #copper #futures #stockmarket @Bloomberg(Mike McGlone)