Copper Bears Turn Into Bulls Before Prices Rally Most Since 2011
- First bullish holding in 4 months defies Codelco glut forecast
- `Less negative' U.S. data may feed into global markets: Samana
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Copper investors turned bullish for the first time in four months on optimism that a stabilizing global economy will help demand recover.
Money managers shifted just in time to reap the rewards of the biggest weekly advance since 2011. Copper stockpiles are shrinking, signaling tighter supplies at a time when a robust U.S. labor market is helping to support the consumption outlook. The upbeat sentiment is defying a bearish view expressed last week by the chairman of Codelco, the world’s biggest producer.