Hedge Funds Get Bullish on Copper
- Bullish bets rise to highest in CFTC data going back to 2006
- Copper gains have lagged behind other base metals this year
Copper production in Malaysia.
Photographer: Munshi Ahmed/BloombergThis article is for subscribers only.
Money managers are betting that copper’s days as a metals-market laggard may be coming to an end.
Hedge funds and other large speculators boosted their long positions by 20 percent to a record 67,806 U.S. copper futures and options contracts in the week ended Nov. 1, according to Commodity Futures Trading Commission data released Friday. They held a net-long position of 23,340 contracts, after being net short a week earlier.