Hedge funds boost bullish copper wagers to highest since October

Money managers boosted their bullish wagers on copper to the highest since October due to concerns over potential tariffs on the red metal by US President Donald Trump.

Hedge funds and other large speculators increased net-long positions by 26% to 21,673 contracts for the week ended Feb. 11. The level was the highest in 16 weeks, US government data showed on Friday.

US prices of copper and other metals including gold have surged above their international benchmarks in recent weeks as traders ramp up bets that Trump would impose hefty import tariffs on metals as part of a broader escalation of his global trade war.

Trump has announced 25% levies on steel and aluminum imports, and has mentioned slapping tariffs on copper — but hasn’t said at what rate or when they may start.

(By Yvonne Yue Li)