Money manager positioning on the CME copper contract is as bearish as it has been since the first quarter of 2020 when industrial metals prices collapsed as China, writes Andy Home.
After a brutal second quarter, investors in the world’s 50 biggest mining companies are in full retreat as metal prices slump and uncertainty grips the sector.
Benchmark London copper retreated on Friday and was on track for a fifth straight weekly loss on worries that fresh covid-19 restrictions could slow the pace of infrastructure projects.