Hedge funds exited bearish copper bets in the week ended June 5 at the fastest pace this year, adding to signs of momentum in the metal amid expectations for tightening supply.
The funds’ move came days before reports showing Chineseimports of unwrought copper climbing to a 17-month high and output at Codelco, the world’s largest producer, slumping to the lowest in more than a year.
Copper futures posted a third straight weekly gain and a 2018 high last week.
Source: Bloomberg Pro Terminal
Trader Georgi Bozhidarov