China's manufacturing engine seems to be purring and record imports of refined copper are sucking surplus metal from the rest of the world. The United States will determine what happens next. Fund positioning in copper suggests a big bet on Joe Biden and his promise of a “green”, copper-intensive infrastructure stimulus programme.
FUNDS are betting on copper as a likely winner from the US election.
It helps that copper has staged a remarkable recovery from its COVID-19 lows in March, the London Metal Exchange (LME) price bouncing back from US$4,371 a tonne to US$6,810. Black-box funds love a trending market and copper has been just that.
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