Copper Traders Turn Bearish as Hedge Funds Buy More: Commodities
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Copper traders are bearish for the first time in 10 weeks after stockpiles surged, at a time when hedge funds are making their biggest bullish bet in two months because of mounting confidence economic growth will accelerate.
Fourteen traders and analysts surveyed by Bloomberg said they expect prices to decline next week, seven were bullish and six were neutral. That’s the highest proportion of bears since Oct. 12. Stockpiles monitored by the London Metal Exchange rose 15 percent this week to the highest since February. Supply will exceed demand by the widest margin in a decade next year, the International Copper Study Group estimates.