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Fund managers are taking an increasingly bearish view of copper’s short-term prospects as the price tests the lower band of its year-to-date trading range.
Investors on both sides of the Atlantic have been shifting positions in response to a potential downside break of a range that has defined the price action this year.Fund positioning on the CME copper contract has oscillated between long and short for several months as the price chopped around in a sideways range.
Fresh fund selling has shifted net positioning to the short side to the tune of 21,220 contracts, the most bearish reading since June when the collective net short flexed out to 23,012 contracts. Funds have also reduced their short exposure, albeit less dramatically. The last two weeks have seen a margin net rebuild but nowhere near to the extent seen in the US market.
China’s piece-meal stimulus remains underwhelming, even as Europe’s manufacturing sector contracts and concern grows about economic momentum in the United States. A strong dollar and a weak yuan are also piling pressure on the copper price.
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