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    David Feldstein, SMU Contributor

    August 14, 2025

    HR Futures: Plummeting open interest shows complacent buyers ignoring '26 risk

    Written by David Feldstein

    David Feldstein is the president of Rock Trading Advisors. Rock Trading Advisors is a National Futures Association Member Commodity Trade Advisory. It provides commercial clients with price risk solutions in ferrous, energy, and interest rate derivatives markets.

    There is not much to report with respect to the CME Midwest HRC futures. Trading volume across the HRC futures curve plummeted to 330,000 tons in July, down from 628,000 tons in June. The rolling 2nd-month HRC future broke above its three-and-a-half-year downtrend at the end of January.

    David Feldstein, SMU Contributor

    David Feldstein

    SMU Contributor David Feldstein is president of Rock Trading Advisors. David has over 20 years of financial market trading experience and has been active in the ferrous futures space since 2012. Feldstein earned an MBA from the University of Chicago Booth School of Business with concentrations in economics, statistics and analytical finance. He can be reached at davefeldstein@gmail.com.

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