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Copper Traders Are Making High-Flying Bets About the Future of the Metal

  • Levmet analyst says there’s a good case for much higher prices
  • Codelco to Goldman have recently voiced bullish outlooks
Copper And Nickel Excavation And Production At Russia's Biggest Miner OAO GMK Norilsk Nickel
Photographer: Andrey Rudakov/Bloomberg
Updated on

The frenzy in the copper market is luring traders to take high-flying bets that prices are headed back toward a record.

Call options wagering on copper climbing above $10,000 a metric ton by December 2018 have started trading during the past two weeks, London Metal Exchange data show. In total, traders have spent about $4.5 million on the contracts.