Bullish Copper Bets Drop as As soon as-Scorching Market Cools

Speculative buyers just lately pushed bullish wagers on copper costs to their lowest stage in additional than a 12 months, an indication that merchants are apprehensive that greater provide will quiet down this 12 months’s rally.

Internet bets on greater copper costs by hedge funds and different speculators slid to 12,956 contracts through the week ended Aug. 24, the bottom stage since June 2020 and down roughly 85% from the beginning of the 12 months, Commodity Futures Buying and selling Fee information present. The CFTC information measure futures and choices, that are generally utilized by skilled buyers to wager on worth actions and by producers to hedge towards volatility.

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