Copper has had a large move higher since I put the Butterfly Straddle on it on May 9th.
It has appreciated almost +30% since then. I closed it out today around the $295 level because I think that there will be significant resistance around these levels. These levels around $300 were important resistance in May of 2015 before the large selloff followed. There is resistance at these levels because they were important support for multiple years. They were in October of 2011, June and July in 2013, from March through June of 2014, and again in late 2014.