Copper Has Been Getting Pummeled, and Hedge Funds Say More Pain Is Coming
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Hedge funds are betting that the worst is yet to come for copper.
Prices for the metal used in everything from homes to cars to appliances are stuck in the worst slump in more than two years. Stockpiles jumped 11 percent in Shanghai last week. With China’s economy showing little signs of recovery, money managers are increasing wagers that copper will fall further, pushing their net-short position to the most bearish since April 2013, U.S. government data show.