Funds less negative on copper as supply landscape shifts

LONDON: Funds have been reducing their bets on lower copper prices as macroeconomic headwinds abate and the market collectively reassesses copper’s supply dynamics.

Money managers are now marginally net long of copper on both the London Metal Exchange (LME) and CME contracts.

The shift in positioning has been playing out since the end of October, when LME three-month copper was threatening to break down through key technical support at May lows between $7,867 and $7,871 per metric ton.