Print

Money manager positioning on the CME’s copper contract has swung from net long at the start of the year to the largest net short since the middle of 2022.

The positioning pivot has played out against early-year price weakness. London Metal Exchange (LME) three-month copper hit a five-month high of $8,716 per metric ton in late December but has been on the back foot ever since, last trading around $8,400.

A string of mine supply hits has caused analysts to revise down their expectations of surplus this year, but copper’s micro dynamics are being overshadowed by a gloomy macro picture.