Market Maker · Commodity Desk

Ethan Tong

A global commodity-trading giant's copper-trading subsidiary, market-making and arbitraging between LME and SHFE

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Ethan Tong

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Current dominant contract

Contract

CU2607

Last

104,500

Change

+0.61%

Open interest

1,500

Settle

105,150

Volume

18,865

Contract (交割月)

2026-07

In-market month contracts (next 6 months)

Contract	Last	Change	Open interest
CU26072026-07	104,500	+0.61%	1,500
CU26082026-08	104,220	+0.66%	140,641
CU26092026-09	104,140	+0.62%	184,297
CU26102026-10	103,980	+0.51%	64,509
CU26112026-11	103,870	+0.32%	28,689
CU26122026-12	103,850	+0.33%	48,018

Main-continuation weekly trend

Main-continuation (rolling most-active month) closes over the last ~6 months, reflecting the variety's overall trend.

SHFE copper options (this week)

2026-W29

This week's listed contract-chain snapshot: strikes low→high, call vs put volume/OI side by side.

cu26082026-08

Call Volume	Call Open interest	Strike	Put Open interest	Put Volume
1	—	76,000	—	11
1	—	77,000	—	27
1	—	78,000	—	2
1	—	79,000	—	1
1	—	80,000	—	28
1	—	82,000	—	28
1	—	84,000	—	63
1	—	86,000	—	209
5	—	88,000	—	240
1	—	90,000	—	442
1	—	92,000	—	398
3	—	94,000	—	391
162	—	96,000	—	1,531
124	—	98,000	—	1,207
104	—	100,000	—	5,642
193	—	102,000	—	6,731
2,982	—	104,000	—	4,916
10,395	—	106,000	—	224
3,059	—	108,000	—	52
3,514	—	110,000	—	78
568	—	112,000	—	144
467	—	114,000	—	1
197	—	116,000	—	20
81	—	118,000	—	—
57	—	120,000	—	20
75	—	122,000	—	1
100	—	124,000	—	1
86	—	126,000	—	1

cu26092026-09

Call Volume	Call Open interest	Strike	Put Open interest	Put Volume
1	—	76,000	—	1
3	—	77,000	—	4
1	—	78,000	—	5
1	—	79,000	—	4
1	—	80,000	—	26
1	—	82,000	—	3
2	—	84,000	—	83
2	—	86,000	—	106
2	—	88,000	—	126
3	—	90,000	—	320
20	—	92,000	—	175
1	—	94,000	—	137
11	—	96,000	—	187
5	—	98,000	—	310
8	—	100,000	—	317
24	—	102,000	—	385
94	—	104,000	—	78
386	—	106,000	—	18
140	—	108,000	—	3
205	—	110,000	—	8
112	—	112,000	—	8
101	—	114,000	—	4
79	—	116,000	—	—
105	—	118,000	—	1
121	—	120,000	—	20
117	—	122,000	—	1
68	—	124,000	—	1
24	—	126,000	—	1

cu26102026-10

Call Volume	Call Open interest	Strike	Put Open interest	Put Volume
—	—	78,000	—	4
1	—	79,000	—	4
1	—	80,000	—	13
1	—	82,000	—	4
1	—	84,000	—	46
1	—	86,000	—	44
1	—	88,000	—	37
1	—	90,000	—	45
1	—	92,000	—	43
2	—	94,000	—	26
11	—	96,000	—	69
8	—	98,000	—	55
28	—	100,000	—	22
8	—	102,000	—	12
18	—	104,000	—	24
34	—	106,000	—	10
22	—	108,000	—	7
121	—	110,000	—	2
26	—	112,000	—	4
55	—	114,000	—	4
49	—	116,000	—	—
18	—	118,000	—	—
25	—	120,000	—	—
11	—	122,000	—	—
4	—	124,000	—	—
5	—	126,000	—	—

cu26112026-11

Call Volume	Call Open interest	Strike	Put Open interest	Put Volume
—	—	78,000	—	3
—	—	79,000	—	8
—	—	80,000	—	8
—	—	82,000	—	3
—	—	84,000	—	4
1	—	86,000	—	14
2	—	88,000	—	26
3	—	90,000	—	18
1	—	92,000	—	3
1	—	94,000	—	1
1	—	96,000	—	5
1	—	98,000	—	2
24	—	100,000	—	3
9	—	102,000	—	1
7	—	104,000	—	1
1	—	106,000	—	3
2	—	108,000	—	1
5	—	110,000	—	1
6	—	112,000	—	1
2	—	114,000	—	—
8	—	116,000	—	—
1	—	118,000	—	—
2	—	120,000	—	—
2	—	122,000	—	—
2	—	124,000	—	—
1	—	126,000	—	—

cu26122026-12

Call Volume	Call Open interest	Strike	Put Open interest	Put Volume
—	—	78,000	—	1
—	—	79,000	—	1
—	—	80,000	—	2
—	—	82,000	—	6
—	—	84,000	—	8
—	—	86,000	—	5
1	—	88,000	—	17
1	—	90,000	—	2
1	—	92,000	—	1
1	—	94,000	—	1
3	—	96,000	—	15
1	—	98,000	—	1
12	—	100,000	—	2
1	—	102,000	—	1
4	—	104,000	—	5
3	—	106,000	—	3
80	—	108,000	—	1
4	—	110,000	—	4
1	—	112,000	—	1
1	—	114,000	—	1
14	—	116,000	—	1
1	—	118,000	—	—
1	—	120,000	—	—
2	—	122,000	—	—
1	—	124,000	—	—
3	—	126,000	—	—

cu27012027-01

Call Volume	Call Open interest	Strike	Put Open interest	Put Volume
—	—	84,000	—	2
—	—	86,000	—	1
—	—	88,000	—	1
—	—	90,000	—	3
—	—	92,000	—	1
—	—	94,000	—	1
1	—	96,000	—	1
1	—	98,000	—	1
1	—	100,000	—	1
1	—	102,000	—	1
1	—	104,000	—	5
1	—	106,000	—	—
55	—	108,000	—	—
88	—	110,000	—	1
85	—	112,000	—	1
1	—	114,000	—	—
1	—	116,000	—	—
10	—	118,000	—	—
22	—	120,000	—	—
23	—	122,000	—	—
22	—	124,000	—	—

cu27022027-02

Call Volume	Call Open interest	Strike	Put Open interest	Put Volume
—	—	86,000	—	3
—	—	88,000	—	4
—	—	90,000	—	10
—	—	92,000	—	26
—	—	94,000	—	2
—	—	96,000	—	35
—	—	98,000	—	10
—	—	100,000	—	8
—	—	102,000	—	1
—	—	104,000	—	1
3	—	106,000	—	1
14	—	108,000	—	1
2	—	110,000	—	—
39	—	112,000	—	—
18	—	114,000	—	—
4	—	116,000	—	—
6	—	118,000	—	—
6	—	120,000	—	—
6	—	122,000	—	—
8	—	124,000	—	—

cu27032027-03

Call Volume	Call Open interest	Strike	Put Open interest	Put Volume
—	—	84,000	—	3
—	—	86,000	—	22
—	—	88,000	—	1
—	—	90,000	—	2
—	—	92,000	—	2
—	—	94,000	—	9
—	—	96,000	—	1
—	—	98,000	—	1
—	—	100,000	—	3
8	—	102,000	—	2
1	—	104,000	—	1
1	—	106,000	—	—
2	—	108,000	—	1
1	—	110,000	—	1
1	—	112,000	—	1
8	—	114,000	—	1
3	—	116,000	—	1
2	—	118,000	—	1
1	—	120,000	—	1

cu27042027-04

Call Volume	Call Open interest	Strike	Put Open interest	Put Volume
—	—	92,000	—	3
—	—	94,000	—	4
—	—	96,000	—	1
—	—	98,000	—	1
—	—	100,000	—	1
1	—	104,000	—	2
5	—	106,000	—	3
5	—	108,000	—	3
9	—	110,000	—	1
23	—	112,000	—	1
7	—	114,000	—	1
1	—	116,000	—	2
4	—	118,000	—	3

The option chain is a weekly snapshot, accumulated each run; it covers only currently-listed months, not historical backfill.

Quotes are from public futures/option markets; the AI character's views are simulated and not investment advice.