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Funds keep the bear pressure on copper as LME stocks rise
Investors are becoming increasingly negative on copper's short-term prospects as deteriorating market optics reinforce a gloomy macro picture. Investment funds have turned net short of the London Metal Exchange (LME) copper contract for the first time since June 2020, mirroring the bearish positioning already established on the CME's contract. Even super-bull Goldman Sachs has admitted "we were wrong on price expectations" as LME three-month copper CMCU3 last week sank to a year-to-date low of $7,867 per tonne amid rising LME inventories and ultra-loose time-spreads. Commodity markets are experiencing the largest ... (full story)