NY futures traded lower this week, with December dropping 201 points to close 111.62 cents.
Although the market did not find enough follow-through buying to keep last week's upside momentum going, it has so far managed to hold and consolidate recent gains. Volume tapered off considerably after 30'000 lots had changed hands last Thursday and even though overall open interest increased by 1813 contracts since then, December saw its open interest drop by 560 lots. In other words, we are not seeing the kind of action that's needed to move the market higher at this point.
