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Copper Skeptics Boost Bearish Wagers, Defying Rally for Prices

  • Goldman, Barclays predict that recent gains won't last
  • `There's no question that global growth is hiccuping'
A worker watches as red hot molten liquid copper flows from a furnace into a ladle at the RTB Bor Group copper mining and smelting plant in Bor, Serbia, on Thursday, Dec. 17, 2015. Industrial metals climbed, paring weekly losses, as Chinese copper smelters may build inventories to support prices after they announced plans to cut production next year.
Photographer: Oliver Bunic/Bloomberg
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While copper prices have rallied in four of the past five weeks on the prospect of improved industrial demand in China, hedge funds are skeptical that recovery will last.

The funds and other large speculators have bet on declines for the metal since October. Last week, the net-short position in copper holdings grew for the first time since mid-January, even as the metal advanced.