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LME copper’s all-time high aided by funds positioning, COMEX squeeze on shorts
Sources said the higher COMEX copper price was dragging up the London Metal Exchange copper price. Last week, news spread that some traders with short positions on COMEX were being squeezed by the drastic increase in prices. And that squeeze was largely responsible for the record wide spread between copper prices on the LME and COMEX copper prices, which came close to $1,300 per tonne at certain points last week. “Hedge funds are leading the uptick in prices,” one producer told Fastmarkets. “A lot of money is being deployed in copper,” Concord Resources head of research, Duncan Hobbs said, adding that COMEX ... (full story)
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- Posted: May 23, 2024 1:40pm
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 293
