Last trading at $7,990 per metric ton, London copper is now within sight of the year-to-date lows of $7,867-7,871 recorded in late May. Investment fund positioning on CME copper contractBEARS FLEX MUSCLES ON CMEFund positioning on the CME copper contract has oscillated between long and short for several months as the price chopped around in a sideways range. Outright long copper positions have been slashed from 63,665 contracts at the start of September to 35,050 as of the Sept. 26 close. Net positioning has shifted to a collective short of 3,051 contracts, just shy of the 3,228-contract peak 2023 short in June. It's worth noting that the "other financial" reporting category, which includes index funds, is still in modest net long territory.

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Persons: Kim Hong, Alexandra Hudson Organizations: REUTERS, Fund, London Metal Exchange, Investors, Investment, CME, Bulls, Reuters, Alexandra Hudson Our, Thomson Locations: Gunsan, South Korea, London, U.S, United States, Tuesday's