The London Metal Exchange (LME) three-month copper price has been oscillating in a $7,800-8,870 per metric ton range since May as old and new price drivers compete.
The gyration in net positioning is partly a reflection of copper's own choppy range-trading with many black box funds configured to react to changes in directional momentum.
Money managers have lifted outright short positions on CME copper to 69,707 contracts, the largest collective bear bet on lower prices since early 2020.
The net short position of 18,127 contracts is a sign the bears are in the ascendancy.
The key takeaway from speculative positioning on both U.S. and London markets is that fund players are betting bigger on copper.
Persons:
Ricardo Moreno, San Pedro de Barva, Juan Carlos Ulate, Long, Copper, David Evans
Organizations:
REUTERS, London Metal Exchange, CME, Zhongrong International, Co, Fund, Thomson, Reuters
Locations:
San Pedro, Costa Rica, China, Beijing, London, United States, Europe