Fund managers retain faith in copper

Copper’s super-charged rally to a CME peak of 5.20 US cents per pound and an LME high of US$11,404.50 per tonne has made it the star attraction. — Reuters

THE vicious squeeze on the Chicago Mercantile Exchange (CME) copper contract appears to have largely passed, but fund managers are sticking with their bullish convictions on both US and London markets.

There has been some light profit-taking as the price has retreated from last month’s record highs but fund long positioning remains elevated both on the CME and London Metal Exchange (LME).