Hedge funds boost bullish copper wagers to five-month high
View from the copper bull in Summer Palace (Stock Image)
Money managers increased their bullish bets on copper to the highest since December before prices traded on New York’s Comex climbed to a fresh record high.
Hedge funds and other large speculators raised net-long positions by 16% to 73,523 contracts for the week ended May 12. The level was the highest in 20 weeks, US government data showed Friday.
Comex copper hit an all-time high of $6.7160 a pound on Wednesday as a rebound in Chinese demand and mounting supply risks outweigh concerns about the Iran war’s impact on global growth.
(By Yvonne Yue Li)
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