Copper speculators anticipate downturn for market and the world [Financial Post (Toronto, Ontario, Canada)]
Morgan Stanley (MS)
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Source: Financial Post
Advertisement The latest data shows more funds with bearish positions than bullish copper positions on the London Metal Exchange and COMEX. Benchmark LME copper at around $8,160 a tonne is up 18% since hitting a 20-month low on July 15. But it has fallen 25% since touching a record $10,845 a tonne in March because of a growth slowdown in top consumer China and aggressive interest rate hikes that threaten a global recession. “Funds have been building up short positions in anticipation of recession,” said Ole Hansen, head of commodity strategy at Saxo Bank in Copenhagen. Data from broker Marex shows the net speculative short position in LME copper is lower, but still stands at 24% of open interest or 1.4 million tonnes as of Aug. 4. Data from the COMEX showed money managers were net short 17,715 copper contracts or 200,888 tonnes on Aug. 2, down 2,042 contracts from a week earlier. Some investors have been buying put options, giving the holder the right to sell copper at a specif
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