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For this question, consider again the Copper Futures Contract on the CME markets. Information on...

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Finance

For this question, consider again the Copper Futures Contract on the CME markets. Information on its contract specifications can be found on the CME website:

On February 14, 2021, there were 56,000 trades in this contract. Suppose 20,000 of the 56,000 buyers were closing out positions and 26,000 were entering into new positions; 30,000 of the 56,000 sellers were closing out positions and 16,000 were entering into new positions. What is the impact of the days trading on open interest?

In order to receive full mark for this question, how your calculations needed for arriving at your answer.

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