Hedge funds and other traders close negative bets and add to bullish positions
A flurry of speculation by futures market traders has pushed prices of metals such as copper and gold to all-time highs, as funds bet on upcoming shortages in supplies and try to hedge against inflation. Copper has rallied 30 per cent since the start of March to break through $11,000 per tonne this week, its highest level ever. That has helped lift the prices of other industrial metals from aluminium to zinc.
“For copper, the tightening supply picture times the possible demand uplift and more comfort that we’re at an inflection point for global demand, plus inflation hedging, has been a potent brew,” he said. “That has made a lot of funds say ‘now is the go-time for copper’.” Other base metals such as zinc, aluminium and lead have followed copper, jumping between 15 per cent and 28 per cent since the start of April in a sharp collective swing higher.
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