Abstract Citigroup (Citi) said on Monday (December 7) that the bearish copper price may have gone too far. The current short position of copper is approaching the historical record, which may aggravate the fluctuation of copper prices in 2016. According to the US Commodity Futures Trading Commission (C...
Citi (Citi) said on Monday (December 7) that the bearish copper price may have gone too far. The current short position of copper is approaching the historical record, which may aggravate the fluctuation of copper prices in 2016. According to data released by the US Commodity Futures Trading Commission (CFTC), fund managers held the highest copper futures in New York in two years. Copper short positions doubled last month, close to the historical record reached in August, although copper prices have fallen more than 10% since August
Specific data shows that net short positions in copper futures and options have increased to 36,893 contracts in the past five weeks, the highest level since April 2013 (the highest in history). At the London Metal Exchange, fund managers cut net longs for five consecutive weeks. In addition, data from the Shanghai Futures Exchange shows that the top 20 brokers are cutting multiple positions.
Hedge funds bearish copper prices rose to the highest in more than two years
Citi analysts Aakash Doshi and David Wilson pointed out that “the fund continues to increase short positions, and the copper prices of major exchanges seem to be oversold. Too short a position may lead to highly leveraged retail investors facing margin calls and aggravation of copper price fluctuations in 2016.â€
On Monday, COMEX March copper in New York fell 1.3% to $2.051/lb. Copper prices fell 27% this year and may fall for the third consecutive year, which will be the longest losing streak since 1998.
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