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Copper Bears See More Pain as Prices Trade at Lowest Since 2009

  • Funds are holding the most-bearish wagers since August
  • Goldman forecasts supply surpluses through at least 2020
Updated on

Hedge funds are betting there’s more pain in store for copper, even with prices trading at the lowest in six years.

Money managers are holding the biggest net-short position in the metal since August. Futures are trading near the lowest since 2009 as economic growth slows to the weakest pace in more than two decades in China, the world’s top consumer. Declining industrial profits in the Asian country added to concern that the government still hasn’t done enough to spur a rebound.