We must learn who is gold, and who is gold plated
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The big copper short is back as macro fears return
The trade war trade has returned with a vengeance as copper and other industrial metals come under sustained fund selling pressure. On the London Metal Exchange (LME) three-month copper fell 11% from $6,443 a tonne at the start of May to a June 7 low of $5,740, its weakest price since the start of January. It has clawed its way back to $5,920 but with bearish funds still massing on the short side it remains to be seen whether this is anything other than a pause for collective breath. Current market dynamics are a rerun of the price weakness in the third quarter of last year, with investors again focused on a ... (full story)