Hedge funds bail on copper as ‘supply storm’ looms
Copper smelting at Codelco’s Caletones. (Image courtesy of Codelco | Flickr)
Hedge funds and other large speculators held a net-short position, or bets on price declines, of 4,991 U.S. copper futures and options contracts in the week ended Aug. 23, according to Commodity Futures Trading Commission data released three days later. They switched from a net-long position, or wagers on a rally, of 2,237 a week earlier.
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