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<p>[QUOTE=&quot;medoraman, post: 1470908, member: 26302&quot;]The open interest is the volume of actual commodity. Lets say there is you, me, and Jim in the market. You and I make a contract, so there are 2 contracts and 1 open interest. I wish out, so I make an offsetting contract with Jim. Now there are 4 contracts, still only one open interest since mine net out.</p><p><br /></p><p>Make sense? It doesn&#039;t have anything to do with physical delivery, though it means only 1 contract is physically deliverable, (potentially).</p><p><br /></p><p>Btw yes you were right Justafarmer. I spelled it out differently for others to make the point clearer.[/QUOTE]</p><p><br /></p>

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