Hedge Funds’ Bullish Copper Bets Run Into China’s Slowdown (Bloomberg News – June 23, 2024)


(Bloomberg) — As copper surged to record highs last month, several senior Chinese traders started trying to contact western hedge fund managers whose names they’d only read in the press. For years, the veteran traders’ privileged insight into their own economy had given them an edge in the copper market, where China accounts for more than half of global demand.

But now they were bewildered. Everything in China pointed to a market that should be slumping, and yet prices were soaring on a wave of speculative money. What were they missing?

The approaches — direct and through intermediaries, to fund managers like Pierre Andurand and Luke Sadrian who had made a splash as some of the market’s biggest bulls — highlight the tug of war that has gripped the copper market in the past few months.

For the rest of this article: https://www.bnnbloomberg.ca/hedge-funds-bullish-copper-bets-run-into-china-s-slowdown-1.2088468#:~:text=Prices%20have%20dropped%20about%2013,following%20funds%2C%20according%20to%20traders.