LONDON, Dec 18 (Reuters) – Fund managers have thrown in the towel on the copper market. The mega long position accumulated on the COMEX copper contract in 2017 is long gone. So too is the equally monstrous collective short bet seen more recently in August this year.
The money men look set to close out 2018 neutral on copper, unsure what the metal with the honorary doctorate in economics has to say on the global manufacturing outlook. The price has flatlined over the last couple of months and investors have voted with their feet.
COMEX open interest has slumped to two-year lows. So too has that on the Shanghai Futures Exchange (ShFE), where China’s speculators play the metal markets. The original bullish “Trump Trade” and the subsequent bearish “Trade War Trade” have played themselves out, leaving the market becalmed and investors scratching their heads. For now. Continue Reading →