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Funds cut copper exposure as Chinese impetus fades
Supercycles take time to develop and will inevitably span periods of relatively soft fundamentals and price consolidation. Copper is currently a case in point, according to Goldman Sachs, which pronounced itself a commodities super-bull late last year. The investment bank maintains its view that “copper stands at the beginning of a multi-year bull market” with the current pause reflecting temporary “investor anxiety” and “liquidation bouts”. (“Copper - Fade the China Dip”, May 27, 2021). That “anxiety” has seen funds cut sharply their bull copper bets over the last couple of weeks, even as the ... (full story)
