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Hedge Funds Bail on Copper as Goldman Sees ‘Supply Storm’

  • Money managers switch to net-short position, CFTC data show
  • China’s imports of the metal slump, while exports increase
Coiled lengths of copper wire.
Photographer: Oliver Bunic/Bloomberg
Updated on

Copper is stuck in a rut.

While other metals have shined in 2016, copper has struggled to gain traction and last week erased its gains for the year. Demand in China, the world’s biggest user, is slowing just as Goldman Sachs Group Inc. predicts a “supply storm” will hit the market and drag prices even lower.