Funds are turning increasingly bearish on copper as China's manufacturing recovery falls short of expectations and growth slows in the rest of the world.
London Metal Exchange three-month copper broke the downside of its recent trading range last week, hitting a five-month low of $8,136.50 per tonne on Friday.
Fund managers are now net short of CME copper to the tune of 16,170 contracts, the largest collective bear bet since August last year. Investment funds have slashed their net long positioning from 25,737 contracts on April 14 to just 4,813 contracts as of May 5. This is down both to lower imports, but also to a jump in exports of Chinese refined metal. Outbound shipments totalled 102,000 tones in the first three months of 2023, up 56% on the same period of last year.
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